EOSUSD Price Medium-term Trend: Bullish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS continues in a bullish trend in its medium-term outlook. The large bullish engulfing candle of 17th December has sustained the bullish pressure as EOSUSD made a new high of $2.88 in the supply area. Correction to the impulsive move was necessary hence the bearish railroad as the bears stage a return. EOSUSD was down to $2.50 in the demand area yesterday.
The bulls are back for upward price movement as the market opened bullish. The 38.2 fib area was the area of the upward price continuation. It implies that as the bullish momentum increases in the medium-term a break and retest of yesterday high may occur.
The price is above the two EMAs and the stochastic oscillator signal points up at 42%. These suggest an upward momentum in price. $3.00 in the supply area looks juicy for the bulls.
EOSUSD Price Short-term Trend: Ranging
EOS remains in a range-bound market in its short-term outlook. $2.88 was the high of yesterday’s session as the bulls strengthened their hold of the range before a brief momentum loss. The inverted hammer signaled the bears returned as they forced the price down to $2.50 in the supply area/
Rejection to further downward movement occurred at the EMAs that serves as strong support for the bulls return shortly after today’s opening. The engulfing candle at $2.55 confirmed the bulls control of the range as EOSUSD was up at $2.60 in the supply area.
EOSUSD is in consolidation and trading between $2.73 in the upper supply area and at $2.30 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
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