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 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.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
