EOS Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS remains in consolidation in its medium-term outlook. The bearish pressure from the bearish engulfing candle at $5.75 dropped EOS down to $5.51 in the demand area and below the two EMAs before it lost momentum. The formation of a bearish spinning top in the demand area returned the bulls. EOS was up to $5.85 in the supply area before the end of yesterdays session.
The stochastic oscillator is at 62% its signal parallel, a reflection of the ranging scenario. EOS is in consolidation and trading between $5.89 in the upper supply area and at $5.33 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imminent hence traders should be patient before taking a position.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency enters the range in its short-term outlook. The bullish pressure broke the downward trendline and pushed price up to $5.85 in the supply area before the end of yesterdays session. Further upward price movement was rejected as the bears stage a comeback.
The stochastic oscillator is at 25% and its signal points down which suggests a further downward movement of price due to the bears increased momentum within the range.Traders should wait for a breakout or breakdown before taking a position.
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