EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS remains in a bearish trend in its medium-term outlook. $5.29 in demand area was low attained from the bears' pressure after the formation of two pinbars at $5.46 in the supply area on the 10th November. The pullback was necessary for the market correction due to the bullish pressure as the price qas up at $5.52 in the supply area yesterday. Another retest of the high at $5.52 resulted in a double top that brought back the bears.
The price is below the 50-EMA and the stochastic oscillator is at 65% and its signal points down which suggests momentum to the downside due to the bears' pressure.
The head and shoulder pattern is seen formed with activities in the right shoulder. $5.10 In the demand area may be retested with more candles formed and closed below the two EMAs due to the bears' strong pressure.
EOSUSD Price Short-term Trend: Bearish
EOS is in a bearish trend in its short-term outlook. The strong bear pressure from the head and shoulder pattern did retest the $5.40 in the demand area as predicted on 9th November and made a low at $5.36. Yesterday saw EOSUSD make a new low at $5.29 and briefly lose momentum as the bulls pulled back.
EOSUSD was up at $5.52 in the supply area after the 1-hour opening candle which was a bullish engulfing candle. Exhaustion sets in as denoted by wicks in the candles at the supply area - and this led to the bears' return.
The stochastic oscillator is at 47% and its signal points down which suggests further downward price movement as the bear pressure increases. A retest of $5.30 may be occur as confirmation to downtrend continuation.
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