EOSUSD Price Medium-term Trend: Bullish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS remains in a bullish trend in its medium-term outlook. The bearish pressure was lost shortly after opening on 6th January after a drop to $2.67 in the demand area which was the 50 fib area – a trend reversal zone. The bulls gradual return was signalled with the bullish spinning top formed after the doji. $3.00 in the supply area was attained before exhaustion set in as the candle closed with wicks in the area.
Retracement to the 50.0 fib area due to the bear pressure may occur before uptrend continuation as price lies below the 10-EMA and the stochastic oscillator signal points down at 58% which implies downward momentum in price
EOSUSD Price Short-term Trend: Bullish
EOS continues in a bullish trend in its short-term outlook. The key demand area witness repeated touches over the weekend with bullish momentum at each touch. The candle formation at the demand area on 6th January coupled with the bullish candle brought back the bulls as the price progressively rose to $3.00 in the supply area.
Trend reversal was signalled by the inverted hammer at $2.70 in the supply area which formed a confluence with the double-top pattern late yesterday.
The bearish pressure was sustained after today’s opening with the price down at $2.78 in the demand area below the two EMAs. The momentum is expected to continue in the downward as confirmed by the stochastic signal pointing down at 28% in the short-term.
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