EOS Price Analysis – October 11
- Bears takeover of both the medium and short-term outlook
- Traders may consider selling at previous demand areas now support areas as the journey south continues
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 is in a bearish trend in its medium-term outlook. $5.80 was the low of yesterday's as the bears' pressure from $6.04 in the supply area pushed the price down before the bullish retracement. The pullback to $5.96 in the supply area was terminated when the bearish spinning top was formed at the area which means the bears were back in the market.
The 4-hour opening candle at $5.92 was a large bearish engulfing candle as EOS dropped to $5.19 in the demand area. The price is conspicuously below the two EMAs and the stochastic oscillator at 24%. It signal points down which connotes downward movement in price as the bearish momentum increases.
The structure of EOS is M. The right leg is 50% formed. An initial push to $5.00 in the demand area will complete the leg as the journey southward continues.
EOSUSD Price Short-term Trend: Bearish
EOS Chart by TradingViewEOS is in a bearish trend in its short-term outlook. The bulls broke the downward trendline and pushed the price to $5.96 in the supply area but lost the momentum for continued upward price movement. The formation of a bearish railroad at this supply area gradually brought back the bears.
Although the 1-hour opening candle at $5.91 was bullish, the strong bearish pressure further pushed the price down to $5.19 in the demand area. The stochastic oscillator is in the oversold region at 17% and its signals points down which implies downward price movement in the short-term. We may see bullish retracement.
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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