EOS Price Analysis – February 4

  • The medium and short-term outlook is in a bullish trend.
  • Responsible buying at pullback areas may be considered

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 bullish trend in its medium-term outlook. The cryptocurrency structure in that of a descending channel. The bulls sustained imomentum duriong the weekend breaking out of the upper line with a large engulfing candle on 2nd February. EOSUSD was up at $2.49 in the supply area.

The retracement back to the channel saw EOSUSD down to $2.37in the demand area which was the low of yesterday session as the bulls stage a returned confirmed by the bullish railroad.  With a bullish 4-hour opening candle at $2.39, the momentum to the upside was sustained and a breakout occurred at the upper line of the channel pushing EOSUSD up at $2.45.

The journey north continues as the price stands above the two EMAs and the stochastic oscillator signal pointing up at 40%. This suggests an upward movement in the medium-term.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS is in bullish trend in its short-term outlook. After making a touch at the lower line of the ascending channel due to the bears' pressure, the journey to the upper line began as the bulls staged a returned. The price rose from $2.37 in the demand area to $2.40 in the supply area.

The bullish pressure was strong after today’s opening with the price up at $2.45 in the supply area. The bulls target remains the upper line of the channel which was confirmed by the stochastic oscillator at 33% with its signal pointing up. This implies upward momentum within the range.

 

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