EOS Price Analysis – October 15

Azeez Mustapha
  • The medium-term outlook is ranging while the short-term outlook is in a bearish trend
  • Traders should wait for a breakout or a breakdown before taking a position in the medium-term

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Ranging

Supply zones: $9.00, $10.00, $11.00

Demand zones: $3.00, $2.00, $1.00

EOS is back in the range in its medium-term outlook. EOS is back in the range in its medium-term outlook. The bearish pressure from yesterday's spinning top at $5.30 brought the price down to $5.17 in the demand area below the two EMAs. The 4-hour opening candle at $5.20 was down to $5.14 but closes as a bearish spinning top - an indication of the bulls' gradual return.

The bulls' strong comeback pushed EOSUSD to $6.10 in the supply area but closes with wicks - which is a sign of exhaustion and implies the gradual bears return as it ranges in the medium term.

EOS is in consolidation and trading between $6.10 in the upper supply area and at $5.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required before taking a position with good reversal candles as confirmation either way

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS is in a bearish trend in its short-term outlook. The bears' pressure from $5.32 in the supply area of yesterday's railroad managed to push te price to $5.14 in the demand area in the early hours of today. The bulls return was signalled by the pinbar.  EOSUSD was up to $6.10 in the supply area.

This formed a perfect teacup. The implication is that the bears' strong comeback may bring the price back to the demand area as clearly shown by the stochastic oscillator. Its signal points down which implies downward momentum in price due to the bears' pressure 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.