Price Analysis: The Bulls and the Bears loggerheads on EOS Market

Price Analysis: The Bulls and the Bears loggerheads on EOS Market

Resistance levels: $2.4, $2.6, $2.7

Support levels: $2.3, $2.1, $1.9

EOS/USD Medium-term Trend: Bearish

EOS/USD is on the bearish trend on the medium-term outlook. The resistance level of $2.4 was broken up but the dynamic resistance of 50–day EMA opposes the continuation of the uptrend. The bears pushed the coin back below the $2.4 price level where it started consolidation. An attempt was made today to break up the $2.4 and the dynamic resistance level of 50-day EMA but failed. A radical fundamental event may be required to make the coin rally to the north or to the south.  

The two EMAs are horizontally placed showing no direction with the coin directly trading on the 21-day EMA while 50-day EMA is above the 21-day EMA which indicate that consolidation is ongoing. The stochastic oscillator period 14 is at 60 levels parallel to the level indicates that the consolidation may continue but a while. In case the bears defend the resistance level of $2.4 the coin will decline further towards $2.3 support level. Should the support level of $2.3 hold trader can find an opportunity to place a buy stop order at the level so as to generate some green pips.

EOS/USD Short-term Trend: Ranging

EOS is ranging on the short-term outlook. The high of $2.5 price level was reached yesterday on 4-hour chart. The bearish pressure pushed the cryptos down towards $2.3 price level, the bulls rejected further declination of the EOS price and it was pushed up to break the two dynamic support and resistance and placed the coin on the resistance level of $2.4.

The two EMAs are interlocked which indicates the ranging movement on the EOS market. Although, the coin is above the two EMAs in a consolidation mode the Stochastic Oscillator period 14 is at 60 level with the signal lines facing south which indicates that the bears are increasing their pressure in order to continue dominating the EOS market.  

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