Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Price Medium-term Trend: Bearish

Supply zones: $9.00, $10.00, $11.00

Demand zones: $2.00, $1.00, $0.50

EOS remains in a bearish trend in its medium-term outlook. The bears continue the journey down south yesterday after the breakdown from the flag that pushed the price up to $4.25 in the supply area. $3.34 in the demand area was the low the bears’ pressure pushed EOSUSD to, before exhaustion set in as the candle closed with a wick.

The formation of the bullish marubozu candle at $3.67 brought back the bulls as the price went up to $4.08 in the supply area. Rejection of upward movement occurred at the 10-EMA and the price was down to $3.67 in the demand area.

The formation of the second flag is currently ongoing and the bears may return with stronger pressure to push the price further down in the demand area.

$3.00 in the demand area may be retested which was the low the cryptocurrency last attained on 22 December 2017. A break and close below this area will open the gate for $2.00 in the medium-term.

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS remains in a bearish trend in its short-term outlook. The formation of a bearish railroad on $4.07 brought back the bears which was confirmed by the large bearish candle that broke the 10-EMA and dropped the coin to $3.67 in the demand area.

The 1-hour opening candle at $3.79 though bullish was overcome by the bearish pressure as EOSUSD further made a low at $3.67 earlier today.

With the Fibonacci tool currently at 38.2, the bulls may push the price up to 50.0 or 61.8 fib level. The Price is above the 10-EMA and the stochastic oscillator is at 59%. Its signal points up which implies an upward price movement in the short-term before strong bearish movement at the predicted fib level to continue the journey down south.

 

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