EOS Price Analysis – January 14

  • The bears are in charge of both the medium and short-term outlook.
  • Traders may look to sell at key area with bearish reversal candle pattern as confirmation

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 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, EOSUSD, Cryptocompare chartEOS chart by tradingview

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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