EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS is in a bearish trend in its medium-term outlook. The bullish pressure from the demand area after the formation of a bullish doji (arrowed) pushed the price of EOS to $5.32 in the supply area earlier today.
The 4-hour opening candle closes as a bullish spinning top around the 23.6 fib level, a trend continuation zone. It thus implies that the bears may continue the downward push of EOS price which was further confirmed by the bearish candle that closes after the spinning top formation.
The stochastic oscillator is in the oversold region at 21%. It signals points down which connote downward momentum in price of the cryptocurrency as the bears’ pressure becomes much stronger. Minor pullback may occur but the overall outlook remains bearish.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency remains in consolidation in its short-term outlook. $5.32 in the supply area was the point the bulls manage to push the cryptocurrency from $4.97 in the demand area before losing momentum.
The bears’ return was confirmed by the gravestone doji formed earlier today and price went down to $4.99 in the demand area as the cryptocurrency consolidates.
EOS is ranging and trading between $5.50 in the upper supply area and at $4.83 in the lower demand area. Patience is key at this period of consolidation for a defined trend after a breakout or a breakdown.
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