EOS Price Analysis – December 6

Azeez Mustapha
  • Bearish uptake in both the medium and short-term outlook
  • Traders may look for sell opportunities at key areas with bearish reversal candles pattern

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

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 a bearish trend in its medium-term outlook. Lower highs and lower lows that are characteristic of a downtrend market remains the pattern for EOSUSD. $2.56 was the lower low of yesterday's session. The momentum was sustained after today’s opening session with a push to $2.11 in the demand area.

The price still remains below the two EMAs which are fanned apart suggesting strength in price downward movement with the stochastic oscillator is in the oversold region at 14%. Its signal points down, a further confirmation to downward momentum in the medium-term.

$2.000 remains the bears' medium-term target while by the measured move, $1.9200 in the demand area may be the bears' long-term target.

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOS continues in a bearish trend in its short-term outlook. The bullish flag formed yesterday pushed the price up to $2.44 in the supply area before losing momentum and the bears staged a return with the bearish railroad formation at $2.41.

The strong bearish pressure dropped EOSUSD to $2.16 in the demand area which was the low of the day.

Earlier today the price dropped further to $2.11 in the demand area as the bears increased their momentum south.

The price is above the 10-EMA and the stochastic oscillator signal points up an indication of upward price movement which is a correction move before the bears staged a return in the short-term.

 

 

 

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