EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues in the range in its medium-term outlook. The inverted pinbar of yesterday’s opening at $5.69 led to strong bearish pressure that saw EOSUSD at $5.38 in the demand area before the end of yesterday’s session. The 4-hour opening candle at $5.45 was a bearish inverted hammer. This sustained the bears’ pressure as EOSUSD dropped to $5.35 earlier today.
The price is below the two EMA crossover and the stochastic oscillator is in the oversold region at 17% with its signal pointing up – suggesting momentum to the upside as the bulls stage a comeback within the range.
EOS is in consolidation and trading between $5.90 in the upper supply area and at $5.10 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: Ranging
EOS is in consolidation in its short-term outlook. The bear pressure within the range has been maintained as EOSUSD made a low of $5.38 in the demand area. The 1-hour opening candle at $5.33 was bullish but increased bearish momentum pushed the price lower to $5.35 in the demand area earlier today.
The price is above the 10 EMA with the stochastic oscillator at 56% and its signal is pointing point up. The implication is an upward price movement within the range.
EOSUSD is in consolidation and trading between $5.75 in the upper supply area and at $5.35 in the lower demand area of the range. Traders should be patient during this period and wait for a breakout at the upper supply area or breakdown at the lower demand area before entry.
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