EOS Price Analysis – August 30
- The bull remains in control of the medium and short-term outlook.
- Responsible buying at key demand areas with bullish reversal candle as confirmation.
EOS Chart by TradingViewEOSUSD Price Medium-term Trend: Bullish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues in its bullish trend in the medium-term outlook. $6.50 in the supply area, the bulls target in yesterday'a analysis, was attained before the bullish momentum gradually receded. The Railroad formation at this area brought back the bears and pushed EOS down to $5.82 in the demand area.
The bearish momentum was sustained as the market opens at $6.18 and the price was further down to $5.74 in the demand area. The current retracement is within the 38.2 fib level (trend continuation zone). This is most necessary for the market correction for uptrend continuation.
The stochastic oscillator is in the overbought region at 68% with its signal pointing down - a reflection of the pullback happening currently.
EOSUSD Price Short-term Trend: Bullish
EOS Chart by TradingViewThe cryptocurrency remains in its bullish trend in the short-term outlook. The bearish pressure returned and pulled the price down to $5.82 in the demand area which is the 38.2 fib level. The opening 1-hour candle through bullish the bear pressure was stronger and the price was further down at $5.74 in the demand area. This is within the 38.2 fib level a trend continuation zone.
The stochastic oscillator is in the oversold region at 17% and it signal points up which is a reflection of the build up of bullish pressure coupled with the bullish pinbar at this level.
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