EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS is in consolidation in its medium-term outlook. $5.00 in the demand area which was the 76.8 fib level was attained as the bear’s pressure weakened – as predicted in yesterday’s price analysis. Further downward price moment was rejected as the area was a Fibonacci trend reversal area. The bulls returned and pushed the price up $5.44 in the supply area.
The price is below the two EMAs crossover with the 10-EMA acting as resistance against upward bullish movement. The stochastic oscillator is at 32% and its signal is parallel which is a reflection of the ranging scenario.
EOS is ranging and trading between $5.55 in the upper supply area and at $5.00 in the lower demand area. Patience is key at this period of consolidation. A breakout at the upper supply area or breakdown at the lower area must occur before taking a position.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in its short-term outlook. The bullish pullback from $5.00 in the demand area to the supply area at $5.44 remains within the 38.2 fib level, a trend continuation zone.
The bears may return at this area as confirmed by the stochastic oscillator in the overbought region and its signal pointing down – an indication of downward price movement for EOS. New lows may be attained as the bearish pressure becomes strong in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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