EOS Price Analysis – February 7

  • The medium outlook is in consolidation while the short-term outlook is in a bullish trend.
  • Responsible buying at key areas as the bulls dominate the short-term outlook.

Eos, EOSUSDEOS chart by tradingview

EOSUSD Price Medium-term Trend: Ranging

  • Supply zones: $9.00, $10.00, $11.00
  • Demand zones: $1.50, $1.00, $0.50

EOS is in a range-bound market in its medium-term outlook. The large bearish engulfing candle that opened yesterday session at $2.49, dropped the cryptocurrency at $2.31 in the demand area. This was expected to continue the journey down south but it lost momentum. The bulls sustained the momentum till the end of trading with EOSUSD making a high at $2.37 in the supply area.

The bullish momentum was sustained with 4-hour opening candle pushing the price up to $2.40 in the supply area shortly after opening as the cryptocurrency enters into a range.

With the stochastic oscillator signal pointing up and at 55 %, this implies upward momentum in price with the bulls controlling the market within the range in the medium-term.

EOSUSD is in consolidation and trading between $2.45 in the upper supply area and at $2.30 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 placing a trade.

EOSUSD Price Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS is in bullish trend in its short-term outlook. After a smooth ride to $2.40 in the supply area after opening from $2.32 in the demand area, the bulls lost momentum. The formation of gravestone doji signaled the bears' presence. EOSUSD dropped to $2.37 in the demand area.

At this point, the bulls staged a comeback. The reason for this is that the demand area is the 39.2 fib area a trend continuation zone. This means that the bulls are back in the market to continue the upward price movement in the short term.

A retest at $2.40 in the supply area is probable as the bullish pressure builds up.

 

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