EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues in a bearish trend in its medium-term outlook. The 4-hour opening candle at $4.65 was a bearish candle and this implies the bears return to continue the journey south after a minor retracement to $4.71 by the bulls. EOSUSD went down to $4.03 in the demand area before bearish exhaustion set in as the candle had a wick.
The price is below the two EMAs. The 10 EMA acted as a strong resistance against the bullish move. The stochastic oscillator is at 23% and its signal points down - confirming the downward price movement due to the bears' pressure in the medium-term.
With the Fibonacci tool, 23.6 fib level may be the point the bullish pressure would be lost and the bears stage a strong comeback to resume the downtrend continuation.
EOSUSD Price Short-term Trend: Bearish
EOS remains in a bearish trend in its short-term outlook. The formation of a bearish railroad at today’s opening was a strong indication of the bears' return. After a retest of $4.29 in the demand area predicted on Friday, increased momentum led to a further drop of the EOSUSD price to $4.04.
A brief retracement to the 10-EMA may occur as rejection always occurs at the area before the bears return.
The price is below the two EMAs and the EMAs are fanned apart which connotes a strong bearish trend. The stochastic oscillator is in the oversold region at 16% and its signal points down which implies downward price movement due to the bears' pressure in the short-term.
he views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.