EOS Price Analysis – November 7

  • A bullish takeover of the medium and short-term outlook.
  • Traders may consider buying at previous supply-turned-demand areas.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

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 bulls have maintained consistency since 31st of October after breaking the 10-EMA and price has been on the north journey. The flags formation that brought back the bulls much stronger is also characteristic of the price in the medium term. The bullish railroad after the flag formation on 5th November brought back the bulls as EOSUSD was up at $5.79 in the supply area before the end of the session on 6th November.

Todays’ 4-hour opening candle at $5.78 was a bearish inverted hammer suggesting the bears' return. This is creating another flag that will bring back the bulls. The price is above the two EMAs and the EMAs are fanned apart which implies strength in the trend,

As more candles formed and closed above the two EMAs due to the bullish pressure, a retest of $6.01 in the supply area may occur. This will be the fourth touch and a breakout is likely as the bulls continue the journey north.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS continues in its bullish trend in its short-term outlook. The two EMAs have been acting as strong support for the bulls upward price movement in the short-term. The bullish 1-hour opening candle at $5.48 was on the 10-EMA and its second touch on the EMA led to the large engulfing candle at $5.51. This pushed EOUSUSD initially to $5.61 and later to $5.76 in the supply area.  Drawdown to the EMA due to the bears' pressure occurred before the end of yesterday's session.

Sustained bullish momentum after the 1-hour opening candle pushed the price up to $5.83 in the supply area as the retracement by the bears set in. The price is hovering around the 10-EMA but above the 50-EMA. A minor pullback may occur before uptrend continuation as the stochastic oscillator signal points down which imply downward price movement 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.