EOS Price Analysis – October 10

Azeez Mustapha
  • The bulls still remains in control of both the medium and short-term outlook
  • The pullbacks are an indication for rentry especially with bullish reversal candles as extra confirmation.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Bullish

Supply zones: $9.00, $10.00, $11.00

Demand zones: $3.00, $2.00, $1.00

EOS is in a bullish trend in its medium-term outlook. The bearish spinning top at $5.98 in the supply area signaled bullish exhaustion and subsequent bears takeover as EOS was down to $5.90 before the session closed yesterday. The 4-hour opening candle at $5.92 was a large bearish engulfing candle which led to the break at $5.98 in the supply-turned-demand area as EOS dropped to $5.80 in the demand area.

The bulls are back and price is clearly above the $5.89 line up to $5.93 in the supply area. Price is above the two EMAs which further indicates the bullish pressure.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS is in a bullish trend in its short-term outlook. The strong formation of inverted pinbar at $5.98 in the supply area returned the bears as EOS dropped to $5,90 in the demand area before the close of yesterday session.

Rejection to further downward price movement is seen as pinbar formation signaled trend reversal with the bulls gradually staging a comeback. The momentum up north was increased with EOS up $5.91. Price is above the two EMAs with the stochastic oscillator at 62% and it signal pointing up. This suggests an upward price movement of the cryptocurrency in the short-term. Moreover, a breakout at the downward trendline indicates the resumption of the journey up north.

 

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