EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS is in a bearish trend in its medium-term outlook. $5.35 in the lower demand area of yesterday’s range was broken with a large engulfing candle. This took EOSUSD further down to $5.04 in the demand area and briefly lost momentum as the candle closed with a wick. The formation of a bullish long-legged candle signals that the bulls are gradually gaining momentum as the session ended yesterday.
$5.18 in the supply area was the limit of the bulls pressure as the bears staged a comeback with a bearish hammer formed at $5.17.
The price is below the two EMAs with the stochastic oscillator at 26% its signal pointing down which implies downward price movement due to bears pressure with a target at $5.00 in the demand area in the medium-term.
EOSUSD Price Short-term Trend: Bearish
EOS is in a bearish trend in its short-term outlook. The lower demand area of yesterday’s range was by the strong bearish pressure as EOSUSD made a low of $5.04 in the demand area. A brief loss in bearish momentum brought back the bulls which pushed the price up to $5.19 in the supply area. The bears returned and dropped EOSUSD to $5.07 in the demand area late yesterday.
EOSUSD was up at $5.18 in the supply area earlier this morning due to the bullish pressure.
EOSUSD gives an M structure and the right leg is forming. The price is below the two EMAs, the stochastic oscillator is at 59% and its signal is pointing down – impling downward momentum due to the bears’ pressure to complete the right leg.
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