EOS Price Analysis – February 8

  • The medium-term outlook is in consolidation while the short-term is in a bullish trend.
  • Patience should be exersice trading the consolidation.

Eos, EOSUSDEOS chart by tradingview

EOSUSD Price Medium-term Trend: Ranging

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

EOS continues in a range-bound market in its medium-term outlook. $2.35 in the demand area was the low the bearish pressure that started from $2.40 in the supply area weakens. The formation a pinbar at the demand area signal the bulls return.

Today's bullish 4-hour opening candle sustained the bullish momentum with EOSUSD initially up at $2.39 and later at $2.48 in the supply area. Although a break in the upper supply area occurred, this is not enough to justify an uptrend until a close and retest above the $2.45 at the upper supply area of the range.

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, EOSUSDEOS chart by tradingview

EOS continues in the bullish trend in its short-term outlook. The bears further drop EOSUSD to $2.35 in the demand area before the bulls returned. This was the 61.8 fib area, a trend reversal zone. It has been a smooth ride since then northward with an initial high at $2.39 and at $2.43 in the supply area, breaking the target predicted in yesterday's analysis.

Increased momentum saw EOSUSD at $2.48 but closed with a wick an indication of exhaustion. A minor drawdown may occur for a market correction before uptrend continuation in the short-term.

The price stands above the two EMAs which connotes bullish pressure while the stochastic oscillator signal points down at 74% which suggests downward momentum needed for the correction.

 

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