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. $5.41 in the demand area was the point at which the bears’ further downward movement was rejected as the bulls staged a comeback with the bullish inverted hammer formation at $5.42. EOSUSD was at $5.52 in the supply area above the two EMAs late yesterday.
The price is around the two EMAs with its signal pointing up – the stochastic oscillator thus implies upward price movement within the range.
EOS is in consolidation and trading between $5.70 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 remains in consolidation in its short-term outlook. The bear pressure remains dominant within the range after the shooting star formation at $5.48 in the supply area. EOS was down to $5.41 in the demand area with the bears losing ground to the bulls with the formation of an inverted hammer at $5.42. The engulfing candle at $5.42 confirmed the bulls takeover. EOSUSD was up at $5.52 before a drawdown that dropped the price to $5.45. The bullish 1-hour candle sustained the momentum leading to another retest of $5.52 in the supply area.
The price is below the two EMAs and the stochastic oscillator is at 52% with its signal pointing down – suggesting downward price movement within the range in the short-term.
EOSUSD is in consolidation and trading between $5.63 in the upper supply area and at $5.40 in the lower demand area of the range. Traders should be patient at 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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