EOS Price Analysis – February 13

  • The medium-term outlook is in a bullish trend while the short-term is in a range.
  • Traders should be cautious trading the consolidation.

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bullish

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

EOS is in a bullish trend in its medium-term outlook. The strong bullish pressure broke the upper supply area with a large bullish engulfing candle at $2.90 yesterday February 12. EOSUSD was further up at $3.04 in the supply area.

To guarantee bullish continuation a retest of the broken upper supply area is necessary. 

The bulls are gradually returning and hence the formation of bullish reversal candlestick pattern will affirm the commencement of the uptrend.

The price is above the 50-EMA but below the 10-EMA which still implies strong bullish pressure while the stochastic oscillator signals points down at 64% an indication of the brief drawdown, before the resumption of the uptrend continuation.

EOSUSD Price Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview   

EOS is in consolidation in its short-term outlook. Exhaustion to the bullish pressure occurred at  $3.06 in the supply area as the candles closed with wicks around the area. This put the cryptocurrency in a range as the bears gradually staged a return.

Confirmation to the bears' takeover in the range was with the bearish marubozu candle. EOSUSD dropped to $2.87 in the demand area below the two EMAs.

EOSUSD is in consolidation and trading between $3.03 in the upper supply area and at $2.71 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.