EOS Price Analysis – October 16

Azeez Mustapha
  • The medium-term outlook is in consolidation while the short-term is in a bearish trend
  • Patience will be a good strategy to adopt at this moment.

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 remains in the range in its medium-term outlook. The bearish pressure within the range is sustained as EOSUSD was down to $5.50 in the demand area yesterday. $5.68 in the supply area was tested earlier today as the bulls had a brief return despite the bearish 4-opening candle at $5.59.

The price is above the two EMAs with the stochastic oscillator at 44% which implies downward movement within the range may occur as the bears increase their momentum.

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 in either way.

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS is still in a bearish trend in its short-term outlook. The bears' pressure remains firm despite the upward price movement to $5.68 in the supply area witnessed earlier today. Although the 1 hour candle was bullish the bearish momentum pushed EOSUSD to $5.47 in the demand area.

The price is below the 10 EMA and the stochastic oscillator is at 40% and its signal points down. This implies downward movement in price in the short-term.

EOS gives an M structure. The right leg is developing and may see EOSUSD down initially to $5.20 in the demand area as the bearish pressure becomes much stronger.  

 

 

 

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