EOS Price Analysis – August 15
- Bearish uptake in both the medium and short-term outlook.
- Selling at Fibonacci trend reversal zones may be considered.
EOS Chart by TradingViewEOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS remains in a bearish trend in its medium-term outlook. The formation of a bullish inverted candle at $4.26 at the demand area was an indication of the bulls' return.
The bullish opening 4-hour candle pushed the price further up to $4.83 in the supply area. This was in the 61.8 fib level, a trend reversal zone.
The temporal bullish pressure is retracement necessary for the market correction before a downtrend continuation.
The stochastic oscillator is at 48% and its signal is pointing up which implies upward momentum in the cryptocurrency price due to the bullish pullback. $3.50 in the demand area may be the bears' target as the bearish pressure increases.
EOSUSD Price Short-term Trend: Bearish
EOS Chart by TradingViewThe cryptocurrency is still in a bearish trend in the short-term outlook. The bearish pressure was weak at $4.30 demand area as the bulls gradually returned with a bullish engulfing candle.
The bullish 1-hour opening candle at $4.57 managed a push to $4.85. This was a touch at the downward trend. Each touch at the trend line results in a bounce due to the bears' pressure. A bounce may occur and this will continue the cryptocurrency's journey south.
The stochastic oscillator is in the overbought region at 69% and signal points down which means a downward movement in the EOS price in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
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