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. The bullish pressure that gradually returned after the formation of a bullish marubozu candle at yesterday’s opening was confirmed by the engulfing candle. EOSUSD was up at $5.31 in the supply area making it the high of the day before the momentum was lost.
The bears’ return was evident with the bearish spinning top and the price was down to $5.24 in the demand area late yesterday. The 4-hour opening candle was a doji. The close of the current 4-hour candle will determine the direction of the market. A bearish close will suggest a continuation of the downtrend while if it closes bullish it will mean the bulls are back to push the price up north.
With the Fibonacci tool, it was clear that yesterday’s bullish movement was rejected around the 61.8 and 50.0 fib levels. These areas are trend reversal areas which suggest that the bears may have returned to continue the downtrend coupled with bearish reversal candlestick pattern formed at this area.
EOSUSD Price Short-term Trend: Ranging
EOS is in a range-bound market in its short-term outlook. $5.08 in the demand area was the low while $5.30 in the supply area was the high EOSUSD attained. The bears are gradually setting up for a dropped of price to the lower demand area with more bearish reversal candles formed after today’s opening.
The price is above the two EMAs and the stochastic oscillator at 24% and its signal points down which implies that downward price movement may occur as the bears journey down within the range in the short-term.
EOSUSD is in consolidation and trading between $5.29 in the upper supply area and at $5.09 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
