EOSUSD Price Medium-term Trend: Bearish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS is in a bearish trend in its medium-term outlook. The lack of momentum for the upward price movement particularly at $2.50 in the supply area led EOSUSD to brief consolidation until few hours yesterday as the bears returned with a large bearish engulfing candle. EOSUSD went down to $2.24 in the demand area.
Correction to the downward movement by the bulls is currently in place forming a bullish flag. This was necessary for downtrend continuation. With the bullish 4-hour opening candle at $2.28 sustaining the momentum, EOSUSD rose to $2.37 in the supply area as it shows exhaustion denoted by wicks in the candle.
The 10-EMA was a good resistance against upward price continuation as the bears stagd a return for continuation in the medium-term.
EOSUSD Price Short-term Trend: Bearish
EOS returns to a bearish trend in its short-term outlook. The bulls managed a pushback to $2.37 in the supply area after the weakening of the strong bearish pressure that dropped the cryptocurrency at $2.24 in the demand area.
This was the 50.0 fib level a trend reversal area with the bears gradually returning which was confirmed by wicks in the candles.
The journey south is started and $2.24 at the demand area may be retested in the short-term as price stays below the two EMAs which implies strong bear pressure.
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