EOS Price Analysis – December 14

EOS Price Analysis – December 14

  • Bearish uptake in both the medium and short-term outlook
  • Traders may consider selling at keys areas with reversal candles as confirmation for entry

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bearish

EOS continues in a bearish trend in its medium-term outlook. The impact from the double top was continuous with the formation of a bearish marubobu candle at $2.00 as EOS dropped to $1.83 in the demand area late yesterday. The two doji at the demand area was an indication of a possible trend reversal which did happen but with very low momentum. $1.92 in the supply area was the high the bullish pressure could attain before the 10-EMA resisted further upward movement.

The price remains below the two EMAs and the Stochastic oscillator is in the oversold region at 16%. Its signal points down which suggests a downward momentum in price as the bearish momentum increases.

The bear target at $1.78 and $1.54 in the demand area may be tested before the end of today.

EOSUSD Price Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS continues in a bearish trend in its short-term outlook. The bullish pressure created the first flag and pushed EOSUSD to $2.02 in the supply area and weakened out due to the formation of the bearish spinning top that brought back the bears. 

The second bullish flag pushed EOSUSD up to $1.91  in the supply area, this was the second flag and expectedly a dropped may occur as the bears returned with stronger pressure for a new low.

$1.80 in the demand area is still on the card. 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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