EOSUSD Price Medium-term Trend: Ranging
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS is in a range-bound market in its medium-term outlook. The bulls successfully retested the target at $4.50 in the supply area predicted last week after increased momentum denoted with large candles. Exhaustion set in as the candle at $4.50 closed with a wick - a signal of the bears' entry. Confirmation to the bears' takeover occurred with a large candle at $4.50. EOSUSD dropped to $3.56 and later to $3.50 in the demand area as the low.
Although today’s 4-hour opening candle at $3.60 was bullish, the bears' pressure remains strong with the formation of a bearish railroad.
The price is below the two EMAs and the stochastic oscillator signal is parallel in the oversold region at 14% as the consolidation continues in the medium-term.
EOSUSD is in consolidation and trading between $4.00 in the upper supply area and at $3.50 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taken.
EOSUSD Price Short-term Trend: Bearish
EOS is in a bearish trend in its short-term outlook. After a drop to $3.50 in the demand area, the bulls managed a push back up. $3.73 was the high EOS attained and it was the same it attained after today’s opening.The 10-EMA acted as resistance against upward price movement despite the bullish railroad formation expected to push the price to the north.
The price is below the 10-EMA and the stochastic oscillator signal points down at 35% an indication of downward momentum in price in the short-term.
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