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EOS Price Analysis – November 8



EOS Price Analysis – November 8
EOS Chart by TradingView


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 bullish pressure was lost at $5.83 in the supply area on 7th November with the formation of an inverted bearish hammer. All efforts for a bullish momentum to stage a return were rejected by the 10-EMA. Today's 4-hour opening candle at $5.67 was a large bearish engulfing candle that dropped EOSUSD to $5.52 in the demand area.

The price is below the 10-EMA and creating a flag as it did previously that may bring in the bears on more time and hopefully a retest at 61.8 fib level may be made as the bears sustained their momentum.

The stochastic oscillator is at 26%and its signal points down which imply a divergence with the price. Ultimately the market will follow the path of the momentum and that suggests a downward price movement in the medium-term is imminent.

$5.37 which is the 61.8 fib area may be retested as the bears' pressure becomes much stronger.

EOSUSD Price Short-term Trend: Bearish



EOS Price Analysis – November 8
EOS Chart by TradingView


EOS returns to a bearish trend in its short-term outlook. The bear pressure was strong yesterday after the formation of the tweezer top at $5.76. EOSUSD was down to $5.62 in the demand area breaking the 50-EMA while the bulls staged a minor pullback late yesterday. The bearish momentum increased after the opening session because the 1-hour candle was a bearish marubozu. EOSUSD went down to $5.52 in the demand area earlier today.

The price is below the EMAs crossover with the stochastic oscillator at 27% and its signal points down which imply downward price movement may occur in the short-term as the bears' momentum increases.

 

 

 

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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