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 a range-bound market in its medium-term outlook. With a high of $5.46 in the supply area and a low of $5.40 at the demand area attained over the weekend, the bears and the bulls remain in contention for control of the market.
The bearish 4-hour opening candle at $5.43 could only push ETHUSD down to $5.41 as the next candle formed a doji.
Ther price is slightly above 10 but below the 50-EMAs with the stochastic oscillator at 40% its signal pointing down which implies a slight downward price movement within the range in the medium-term may occur
EOS is in consolidation and trading between $5.60 in the upper supply area and at $5.35 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 continues in consolidation in its short-term outlook. After a brief upward movement to $5.50 in the supply area within the range on 26th October, the bears lost momentum for continuation to the upside. This resulted in the formation of a bearish reversal candle that brought back the bears. EOSUSD was down to $5.40 in the demand area on 27th October but closed as a hammer – an indication of exhaustion.
The bulls return within the range led to EOSUSD up at $5.42 in the supply area earlier today. The price is around the two EMAs and the stochastic oscillator is at 28% with its signal pointing up. It suggests upward price movement within the range in the short-term.
EOSUSD is in consolidation and trading between $5.55 in the upper supply area and at $5.38 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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