EOS Price Analysis – November 16

Azeez Mustapha
  • Bearish uptake in both the medium and short-term outlook
  • Traders may consider selling at previous demand areas-turned-supply areas with reversal candlestick pattern as confirmation

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

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. $4.29 in the demand area was the low the bear pressure dropped EOSUSD before exhaustion as the candle closes with a wick and as a bullish hammer. This implies trend reversal and indeed the bulls returned and pushed the  price up to $4.81 in the supply area early today. This created a double top formation at the supply area that signalled  the bears' return.

The bears have kept the pressure up as the price dropped to $4.66 in the demand area.

The price is below the two EMAs crossover and the EMAs area fanned apart which suggest stronger strength in the downtrend trend.  The 10 EMA is also a strong resistance against the bullish move. The stochastic oscillator is at 40% and its signal parallel but may point down to confirm the downward price movement due to the bears' pressure in the medium-term.

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS continues in a bearish trend in its short-term outlook. The strong bear pressure ensured that $4.29 in the demand area was attained after obvious resistance by the 10-EMA against upward price movement. The bullish engulfing candle at the demand area broke the 10-EMA and pushed EOSUSD to $4.76 in the supply area.

The bullish 1-hour opening candle at $4.61sustained the momentum with EOSUSD up to $4.81 shortly after opening. The 50-EMA acted as a strong resistance against upward movement as the bears gradually returned.

The price is below the two EMAs and the stochastic oscillator signal points down at 50% which implies downward price movement due to the bears' pressure in the short-term.

A retest of the $4.29 in the demand area may occur in the short-term.

 

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