EOS Price Analysis – November 19
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues in a bearish trend in its medium-term outlook. The 4-hour opening candle at $4.65 was a bearish candle and this implies the bears return to continue the journey south after a minor retracement to $4.71 by the bulls. EOSUSD went down to $4.03 in the demand area before bearish exhaustion set in as the candle had a wick.
The price is below the two EMAs. The 10 EMA acted as a strong resistance against the bullish move. The stochastic oscillator is at 23% and its signal points down - confirming the downward price movement due to the bears' pressure in the medium-term.
With the Fibonacci tool, 23.6 fib level may be the point the bullish pressure would be lost and the bears stage a strong comeback to resume the downtrend continuation.