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 bears sustained the momentum to the downside after the retest at $2.90 area. EOSUSD further dropped to $2.77 in the demand area after the bearish opening candle at $2.90 closed as an inverted hammer.
$2.76 was retested as the bears increase momentum to the downside. A retest at the 50.00 fib area is the bears’ target in the medium-term. The journey downward is further confirmed by the stochastic oscillator signal pointing down at 15% in the oversold region and the price below the two EMAs.
$2.69 in the demand area is on the card as the bearish pressure becomes strong.
EOSUSD Price Short-term Trend: Ranging
EOS continues in consolidation in its short-term outlook. The bears kept pressure up as EOSUSD was pushed down to $2.85 in the demand area as the low of the day. The bulls stages a brief pullback before the end of the session as EOSUSD was up at $2,92 in the supply area.
The bearish railroad formed shortly after today’s opening signaled the bears returned. Confirmation for total takeover of market control occurred at the break of the two EMAs.
The journey to the lower demand area of the range remains intact with stochastic oscillator signal pointing down at 19 %, an indication of downward momentum. Moreover, the price lies below the two EMAs and already down at $2.76 in the range.
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.
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