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 a bullish trend in its medium-term outlook. The bullish pressure remained strong with the break of the upper supply area at $4.35 shortly after yesterday’s opening with a large bullish engulfing candle. $4.80 was the initial high and further pushed to $5.16 in the supply area late yesterday,
EOS is already up to $5.48 in the supply area today as the bullish pressure builds up in the medium-term.
Correction to the bullish impulsive move is ongoing as momentum to the downside by the bears resumes. This is confirmed by the stochastic oscillator signal points down at 87%. This pullback is necessary to guaranty the uptrend continuation.
The price is above the two EMAs, which are fanned apart an indication of strength in the trend and in this case the uptrend.
Wth increased bullish momentum, $6.00 in the supply area may be retested with more candles opened and closed above the two EMAs.
EOSUSD Price Short-term Trend: Bullish
EOS remains in a bullish trend in its short-term outlook. The 10-EMA is acting as strong support for upward price movement as the bulls stage a comeback. Each time the price touches the trendline a bounce is expected. The bears were back in the market at $5.48 in the supply area due to the bearish railroad formation.
EOS dropped to $5.05 in the demand area before exhaustion sets in denoted by the wick.
Currently, the price is touching the trend an indication that a bounce to the upside is imminent in the short-term. This was further confirmed by the two EMAs that were fanned part which connote strength.
$5.80 in the supply area may once again be retested in the short-term.
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