EOSUSD Price Medium-term Trend: Bearish
- Supply zones: $6.00, $7.00, $8.00
- Demand zones: $1.50, $1.00, $0.50
EOS continues in a bearish trend in its medium-term outlook. The impact from the double top was continuous with the formation of a bearish marubobu candle at $2.00 as EOS dropped to $1.83 in the demand area late yesterday. The two doji at the demand area was an indication of a possible trend reversal which did happen but with very low momentum. $1.92 in the supply area was the high the bullish pressure could attain before the 10-EMA resisted further upward movement.
The price remains below the two EMAs and the Stochastic oscillator is in the oversold region at 16%. Its signal points down which suggests a downward momentum in price as the bearish momentum increases.
The bear target at $1.78 and $1.54 in the demand area may be tested before the end of today.
EOSUSD Price Short-term Trend: Bearish
EOS continues in a bearish trend in its short-term outlook. The bullish pressure created the first flag and pushed EOSUSD to $2.02 in the supply area and weakened out due to the formation of the bearish spinning top that brought back the bears.
The second bullish flag pushed EOSUSD up to $1.91 in the supply area, this was the second flag and expectedly a dropped may occur as the bears returned with stronger pressure for a new low.
$1.80 in the demand area is still on the card. A break and retest will open up $1.60 in the demand area for a retest in the short-term.
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