EOS Price Analysis – September 3
- The bulls are still in control of the medium-term while the short-term outlook ranges
- Patience should be exercised to allow the price to make a breakout or breakdown
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. The bullish pressure was sustained over the weekend with the cryptocurrency making a high of $6.87 in the supply area on 1st September.
The bears returnat this area was confirmed with the exhaustion in bullish momentum denoted by wicks on the candles. EOS was down to $6.31 in the demand area. The bullish momentum was not strong enough for an upward price movement - hence the bears returned at $6.72.
The key demand area around $6.40 is important for uptrend continuation. .
EOSUSD Price Short-term Trend: Ranging
EOS Chart by TradingViewThe cryptocurrency returns to consolidation in the short-term outlook. The bullish pressure at $6.45 in the demand area pushed EOS to $6.65 in the supply area. The 1-hour opening candle was an inverted pinbar - a signal of the bears' arrival. The price was down to $6.40 in the demand area as the cryptocurrency ranges.
EOS is ranging and trading between $6.75 in the upper supply area and at $6.29 in the lower demand area. Patience should be exercised for either a breakout at the upper supply area or breakdown at the lower demand area before taking a position.
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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