EOSUSD Price Medium-term Trend: Ranging
- The short-term outlook is in an uptrend while the medium-term outlook is in consolidation.
- Traders may consider buying with bullish reversal candle pattern
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS is in a range-bound market in its medium-term outlook. The bearish pressure was dominant over the weekend with a drop in price to $4.05 in the demand area on 30th March. Exhaustion to the bearish momentum occurred which was denoted by the wick in the candle. The bulls’ gradual return was signaled by the dragonfly doji at $4.17. The large bullish engulfing candle confirmed the bulls takeover within the range.
EOS rose to $4.32 in the supply area during yesterday session. The momentum was sustained after today’s opening as price rose again to $4.32 above the two EMAs after the minor pulback.
Price is above the two EMAs and the stochastic oscillator signal points up at 67% an indication of upward price movement.
EOSUSD is in consolidation and trading between $4.35 in the upper supply area and at $4.15 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taking.
EOSUSD Price Short-term Trend: Bullish
EOS in a bullish trend in its short-term outlook. The inverted pinbar formation at $4.32 in the supply area made a new higher high as the bullish pressure becomes strong. The pullback by the bears to $4.24 in the demand area was a market correction to confirm upward continuation.
The bullish doji suggest the resumption of the upward price movement with EOS up already at $4.47 in the supply area.
The formation of higher high and higher lows are features of up trending market with more higher highs before the end of the day as the bullish pressure becomes stronger in the short-term.