EngineerT

IOTAUSD - possible development if residentline holds

BINANCE:IOTAUSD   IOTA / US Dollar (calculated by TradingView)
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Hey,

this is just an idea how IOTA might develop in the upcoming 30-45 days.

We have seen similar Patterns in the past and a break out is possible. To be able to break out, IOTA Needs to proof the residentline of the past months. If this one breaks a fall back to 94 Cent or deeper is possible.
If the residentline holds a break out of the triangle is possible. The upcoming fair in Germany in which Volkswagen and ist CDO is partnering might be a good start for a breakout of the triangle.

Please: this is just an Analysis based on daily Chart and past RSI - The last break Outs happend:

1. when IOTA foundation announced the data Marketplace and the companies taking part (beginning of december)
2. IOTA was part of the worlds largest Technology fair in Hannover partnering with Fujitsu (end of April)
3. Possibly the upcoming fair when partnering with Volkswagen - only an estimation.


Comment: Waiting for the candle to complete. If it does not hold we will see a break of the resistance line. Further targets will be according to Fibonacci. Big support at 90 Cent and 70 cent which. So wait for consolidation before buy in at resistance!
Hey, updated the current development here:
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The resident line is broken. Update in different chart with more indicators
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