EOS Price Analysis – December 13
- Bearish uptake in both the medium and short-term outlook.
- Traders may consider selling at pullback areas.
EOS chart by tradingviewEOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $2.00, $1.00, $0.50
EOS continues in a bearish trend in its medium-term outlook. The increased momentum by the bulls from the spinning top at $1.82 in the demand area on 11th December was lost on 12th December after EOSUSD was up at $2.09 in the supply area. The formation of a bearish hammer was a signal to the bears' returns as EOSUSD made a low of $1.99 late yesterday.
Today's 4-hour opening at $2.00 further sustained the downward price movement with the cryptocurrency down at $1.90 in the demand area. With price around the 10-EMA and below the 50-EMA the bears' pressure still remains strong in the medium term.
The stochastic oscillator signal points down at 57%. It suggests a downward movement in the cryptocurrency price as the bearish momentum increases.
The double top formation implies strong bear pressure and downtrend continuation with a possible beas' target at $1.78 and $1.54 in the demand area.
EOSUSD Price Short-term Trend: Bearish
EOS chart by tradingviewEOS remains in a bearish trend in its short-term outlook. The bearish pin bar at $2.05 in the supply area after bullish exhaustion signaled the bears' return. EOSUSD dropped to $2.00 in the demand area.
The bearish pressure continued after the bearish 1-hour opening candle at $2.01 with a further drop in price to $1.91 in the demand area below the two EMAs crossover.
The double top formation also confirms the bears' pressure. $1.80 in the demand area is the initial bears' target. A break and retest will open up $1.60 in the demand area for a retest 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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