EOSUSD Price Medium-term Trend: Bullish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS is in a bullish trend in its medium-term outlook. The bearish pressure from the 50.0 fib area of yesterday’s analysis that succeeded in dropping EOSUSD to $5.22 in the demand area subsided. This area was the 38.2 fib level, a trend continuation zone suggesting an upward price movement.
The bullish 4-hour opening candle at $5.28 was engulfing, thus sustaining the bullish momentum – and this led EOSUSD to $5.35 in the supply area earlier today.
The price is above the two EMAs and the diagonal line of the Fibonacci which connotes strong bullish pressure. Although the stochastic oscillator is in the overbought region at 82% and its signal still points up. This suggests upward price movement.
EOSUSD may be up to the 78.6 fib level which is at $5.41 in the supply area as the bulls increase their momentum in the medium term.
EOSUSD Price Short-term Trend: Bullish
EOS is in a bullish trend in its short-term outlook. The bearish pressure was lost at $5.22 in the demand area creating a triple bottom that paved the way for the return of the bulls with a bullish engulfing candle at $5.23. EOSUSD was up at $5.30 in the supply area breaking the $5.29 in upper supply area of yesterday’s but finished below it.
Increased bullish momentum after the 1-hour opening candle at $5.28 broke the supply area and pushed EOSUSD up to $5.35 closing above the line.
The price is above the two EMAs and it’s forming higher highs and higher lows which are common to up trending market.
The stochastic oscillator is in the overbought region at 80% with its signal pointing down which imply a downward price movement. A pullback by the bears to retest the broken line may occur that will set up a bullish momentum for the upward price movement in the short-term.
$5.45 in the supply area may be retested as the bullish pressure becomes much stronger.
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