EOSUSD Price Medium-term Trend: Bearish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS continues in the bearish trend in its medium-term outlook. The minor bullish momentum was lost after a push of price to $2.67 in the supply area. The bears’ return was previously signalled by the bearish spinning top and later confirmed by the bearish engulfing candle at $2.54. EOSUSD went down to $2.32 in the demand area late yesterday – breaking yesterday’s target at $2.40.
A pullback to the upside confirmed by the bullish marubozu was responsible for the crypto up to $2.55 in the supply. This guaranteed the downtend continuation. Resistance to the continued upward movement was seen at the 10-EMA as the bears are gradually staging a return.
The price remains below the two EMAs crossover while the stochastic oscillator signal points down at 10% which implies downward price movement. As more candles form and close below the EMAs due to the bearish momentum, $2.00 in the demand area may be the next target by the bears in the medium-term.
EOSUSD Price Short-term Trend: Bearish
EOS remains in a bearish trend its short-term outlook. The strong bearish pressure broke the lower line of the descending channel with a large bearish engulfing candle at $2.53. EOSUSD initially dropped to $2.34 in the demand area.
A retest of the broken lower line is necessary to confirm the bearish continuation in the short-term. With the price up at $2.44 the supply area close to the broken lower line of the channel, the bears may have returned as confirmed by an inverted bearish hammer.
A new low at $2.20 in the demand area may be the bears’ target.
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