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 consolidation in its medium-term outlook. The bears’ pressure from 5.92 in the supply area on 5th October was lost on 7th October when EOS was down at 5.62 in the demand area. Exhaustion to bearish momentum was denoted by wicks in the candles in the demand area. The bulls gradually staged a comeback. The bullish engulfing candle further confirmed this – pushing the price up to $5.80 in the supply area.
The bearish 4-hour opening candle at $5.76 was a spinning top which means the the bulls’ pressure may be over and the bears are back. The price is hovering around the two EMAs which is 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 so traders should be patient before taking a position.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency is in consolidation in its short-term outlook. The large bearish engulfing candle at $5.82 in the supply area further created a lower low initially at $5.67 and later at $5.62 in the demand area.
The loss in bearish momentum coupled with railroad formation at $5.65 in the demand area brought the bulls back as the cryptocurrency ranges in the short-term.
EOS is in consolidation and trading between $5.84 in the upper supply area and at $5.56 in the lower demand area of the range. Patience should be exercised for a breakout at the upper supply area or breakdown at the lower demand area before taking a position.
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