EOSUSD Price Medium-term Trend: Bullish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues in a bullish trend in its medium-term outlook. The bulls were consistent in their bid to take EOSUSD to the moon with the touch at $5.41 in the supply area, the 78.6 fib level which was the bulls target as analyzed on 2nd November and thereafter lost momentum. The formation of a doji and a bearish engulfing candle confirmed the bear returned. The minor bear pressure returned EOSUSD to the 50.0 fib level at $5.27 in the demand area on 3rd November. This was quite significant. This level is a trend reversal and the formation of a pinbar provide a confluence for a strong bullish return.
The large bullish engulfing candle at $5.31confirms the bulls return as EOSUSD was up at $5.61 in the supply area. Exhaustion set in as momentum was lost as indicated by the candle with an upper wick.
The previous pullback to 38.2 and the 50.0fib level was a correction for uptrend continuation. EOSUD is witnessing same as the bears currently pushed price down to $5.48 in the demand area.
The price is above the two EMAs and the stochastic oscillator is in the overbought region at 72% and its signal points down an indication of downward price movement due to the brief bear pressure before the bulls return for continuation.
EOSUSD may be up to the 1.618 fib level which is at $5.78 in the supply area as the bulls increase their momentum in the medium term.
EOSUSD Price Short-term Trend: Ranging
EOS is in a range-bound market in its short-term outlook. The bulls journey north was briefly terminated at $5.60 in the supply area on 4th November and create a range-bound outlook in the short-term. The bears are in control with price below the 10-EMA and the stochastic oscillator at 13% and its signal pointing down. It suggests bearish pressure within the range may be witnessed.
EOSUSD is in consolidation and trading between $5.61 in the upper supply area and at $5.41 in the lower demand area of the range. A breakout at the upper supply area will be a good buying position while a breakdown at the lower area may be considered a good selling opportunity. Hence patience is required to allow this to happen before a position is taken.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
