Price Medium-term Trend: Bullish
- Supply zones: $9.00, $10.00, $11.00
- Demand zones: $2.00, $1.00, $0.50
EOS remains in an uptrend its medium-term outlook. The brief momentum lost by the bulls at $4.39 in the supply area set the bears up as the price dropped. EOS dropped to $4.26 and briefly returned formed a doji with the bulls pushing price back up to $4.38 in the supply area.
The bearish railroad formation led to EOS price dropped to $4.27 before the close of the market yesterday
Today’s 4-hour opening candle was bullish at $4.30 an indication that the bulls are back. Increased bullish momentum pushes EOS up for the retest at $4.39 predicted in yesterday analysis. EOS rose to $4.47 in the supply area shortly after opening.
The price is above the two EMA and the stochastic oscillator signal is up at 86% in the overbought. These imply upward continuation in the medium term
$4.60 in the supply area is on the card as the bullish pressure becomes stronger and more candles opened and closed above the EMAs.
EOSUSD Price Short-term Trend: Bullish
EOS chart by TradingView
EOS continues in a bullish trend in its short-term outlook. The retracement ended at $4.26 in the demand area with the formation of the bullish railroad before the market ends yesterday. The bulls sustain the momentum up $4.26 after a brief bearish pressure that occurred shortly after today’s opening session.
EOS is up at $4.47 in the supply area above the two EMAs. The EMAs are still fanned apart which suggest strength in the context of the trend and in this case the uptrend trend. The stochastic oscillator signal is up at 78% an indication of upward momentum in the short-term.
$4.55 in the supply area is up for taking profit as the upward price movement continues due to the bullish pressure