EOS/USD Medium-term Trend: Bearish
Resistance levels: $ 8.5, $9.0, $9.5
Support levels: $7.5, $7.0, $6.5
Yesterday, July 30, price of EOS was still within the range-bound zone. The bulls have upper hand over the bears because the price bars are at the upper region of the market. Secondly, the bulls have made attempts to break the resistance level of the range bound zone. Whereas the bears are an attempt to break the support level of the range bound zone since the beginning of the sideways trend.
We cannot initiate trade now because of the price action of the sideways trend.Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Similarly, the price of EOS is below the 12-day EMA and the 26-day EMA which indicates that price is falling. Nevertheless, the relative strength index period 14 is level 23 which indicate that the market is oversold suggesting bulls to take control of the market.
EOS/USD Short-term Trend: Bearish
From the lower time frame, the price of EOS is also in a sideways trend. The MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of EOS is below the 12-day EMA and the 26-day EMA which indicates that price is falling.
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