EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS is back in a bearish trend in its medium-term outlook. The loss of the bullish momentum at $6.31 resulted in the bears’ strong comeback. $5.29 in the demand area was attained with a large engulfing candle. This was exactly on the 61.8.0 fib level. The increased pressure led to a drop of EOS to $5.05, the 78.6 fib level.
Price is obviously below the two EMAs crossover and the stochastic oscillator in the oversold region is at 8% and its signal points down suggestive of further downward movement in the medium-term. A break of $5.00 in the demand area will lead to $4.65 as bears next target.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The strong bearish pressure broke past $5.56 in the lower demand area at the opening of today session. Price is below the two EMAs and the EMAs are fanned apart which connotes strength in the context of the trend and in this case the downtrend. As more candles are formed and closed below the EMAs, EOS may continue the journey south.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.