EOS Price Analysis – January 23

  • The short-term outlook is in a bullish trend while the medium term is in consolidation.
  • Buying at pullback area with bullish candles pattern as confirmation for entry may be considered

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Ranging

  • Supply zones: $9.00, $10.00, $11.00
  • Demand zones: $2.00, $1.00, $0.50

EOS continues in consolidation in its medium-term outlook. The strong bullish pressure pushed the price up breaking the two EMAs as EOSUSD rose to $2.54 in the supply area before exhaustion set in denoted by the wick in the candle. The bears dropped the price down to $2.47 in the demand area.

Today’s 4-hour opening candle at $2.54 was bullish suggesting that the bullish pressure is still strong within the range as the price is above the two EMAs and the stochastic oscillator signal points up at 74%.

EOSUSD is ranging and trading between $2.60 in the upper supply area and at $2.26 in the lower demand area of the range. Patience is key at this time for a breakout at the upper supply area or breakdown at the lower area to occur.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS is in a bullish trend in its short-term outlook. The bulls successfully pushed  EOSUSD to $2.54 in the supply area before retracement to the downside by the bears set in. EOSD dropped to $2.47 in the demand area.

Today's 1-hour opening candle at $2.46 sustained the bearish momentum as the price dropped to $2.44 in the demand area. This was the 38.2 fib area a trend continuation zone. It implies that the bulls are back to continue the upward price movement in the short-term.

$2.55 in the supply area may be retested as the bullish pressure becomes much stronger confirmed by the stochastic oscillator signal that points up at 67%. An implication of upward momentum in price.

 

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