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 continues in a bearish trend in its medium-term outlook. $3.64 in demand area was the low while $3.96 in the supply area was the high of the day as the bullish flag continued. Rejection of upward price movement is seen at the 10-EMA with the formation of an inverted hammer.

The stochastic oscillator is at 46% and it signals points up which suggest a momentum to the upside. This should be seen as a correction to the impulse downward move. Downtrend continuation is quite in the corner, a large bearish candle will confirm the commencement with the bears’ target at $3.00 in the demand area.

EOSUSD tested the area on 22nd December 2017. A break and close below this area will open the door 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 bulls did push tje price up to the 61.8 fib level at $3.96 in the supply area as predicted in yesterday’s analysis but lost momentum. The doji formed signalled a trend reversal as the large bearish engulfing candle confirmed the bears’ takeover. The price was down to $3.72 in the demand area as the bulls staged a return.

The bullish momentum was sustained by 1-hour opening candle as the price was up again at $3.92 which was at the 61.8 fib level the second time and at the 50-EMA. This was a good confluence for the bears’ return.

The price is below the two EMAs and the stochastic oscillator is at 56% and its signal points down which suggests downward price movement in the short-term. A retest of $3.63 in the demand area may occur as the bears’ pressure becomes much stronger and this will open the door for $3.40 in the demand area.

 

 

 

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