EOS Price Analysis – November 9
EOSUSD Price Medium-term Trend: Bearish
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS in a bearish trend in its medium-term outlook. The bearish pressure continued after the bullish pullback to $5.62 in the supply area with the formation of two inverted hammers around the 10-EMA. $5.49 in the demand area at the 50 –EMA was low the bears could reach.
The price has broken the diagonal line of the Fibonacci and is below the 10-EMA – a strong indication of bearish continuation. The stochastic oscillator is in the oversold region at 13% and its signal points down which implies downward price movement in price as the bears intensify the efforts towards the target with more candles formed and closed below the EMA.
$5.46 which is the 50.0 fib area will be the initial target with the 61.8 at $5.37 in the demand area as the final target.
EOSUSD Price Short-term Trend: Bearish
EOS returns to a bearish trend in its short-term outlook. The bear pressure kept the momentum as EOSUSD made a low of $5.49. After a bullish 1-hour opening at $5.51 and a brief push to $5.71 in the supply area, earlier today the bears returned and pushed EOSUSD initially down to $5.52 in the demand area.
The head and shoulder pattern is seen formed in the short-term. A retest of $5.40 in the demand area will open up $5.30 as a take as the bears’ pressure becomes much stronger.
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