EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $1.00, $0.50, $0.10
EOS continues in a bearish trend in its medium-term outlook. The cryptocurrency is in a downward channel. $2.17 in the supply area and around the trendline was the high the bulls pushed EOSUSD before the loss of momentum.
The inverted hammer, the trendline, and the 50-EMA are good confluence for the bears’ return.
The bearish railroad formation further confirm the bears’ takeover. The price still below the two EMAs and the stochastic oscillator points down at 68%. It implies downward momentum as the bearish momentum increases.
A bounce is most expected after each touch on the upper trendline hence a continuation in the journey down south.
A retest of $1.50 in the demand area and a possible breakdown is most probable in the medium-term.
EOSUSD Price Short-term Trend: Bearish
EOS is in a bearish trend in its short-term outlook. The bearish pin bar at $2.08 after opening was an indication of the bears’ return after the brief bullish pressure that pushed EOSUSD up at $2.17. The price was initially down to $1.94 in the demand area above the trendline before the brief pullback to $2.10 in the supply area.
The break in the trendline and subsequent retest is a confirmation to downtrend continuation as the bears’ momentum increases.
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