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 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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