The number 3 seems to play a particular role for IOTA:
1. IOTA uses a ternary based logic
2. The wallet is called Trinity
3. The S/R lines are crossing on the 3rd of July
The last point is worth mentioning because this date would be the third release date on a 3rd in a row:
2018-05-03: First Qubic announcement
2018-06-03: Qubic website release
2018-07-03: ???
Did some funny guys come up with a little numerical game here? Don't know, but it could be a marketing idea. However, if the price doesn't break the downtrend resistance it will probably remain within a lower price range over the next few months.
1. IOTA uses a ternary based logic
2. The wallet is called Trinity
3. The S/R lines are crossing on the 3rd of July
The last point is worth mentioning because this date would be the third release date on a 3rd in a row:
2018-05-03: First Qubic announcement
2018-06-03: Qubic website release
2018-07-03: ???
Did some funny guys come up with a little numerical game here? Don't know, but it could be a marketing idea. However, if the price doesn't break the downtrend resistance it will probably remain within a lower price range over the next few months.
Comment:
The price broke below the support of the descending triangle. If the bulls try to push the price higher again, the previous support level could turn into an area of short-term resistance in which a trend reversal will be rejected.
Comment:
The bulls are trying to slow down the latest decline at the psychological $1 mark, but the volume is still low at the moment. Maybe we'll see a bounce from a double bottom at $0.915. If this level cannot be defended, the price will probably retest the support line of the larger descending triangle that started on July 16, 2017.
Comment:
MIOTA was able to form a perfect double bottom at its yearly low in April and rallies towards the crucial intersection point on my chart. It will celebrate Independence Day when the price closes within the blue range. From a technical point of view, it is very unlikely that all resistances will be broken at once. Let's see if the IOTA Foundation has any big news on July 3rd or if there will be another downward movement.
Comment:
The third news was published with a delay:
2018-07-03: First Qubic Roadmap –https://twitter.com/iotatoken/status/1014585657988173829
The price couldn't break out of the downtrend channel so far. Maybe we'll see another push to the blue line. However, another drop below $1 is quite likely.
Beside the moving averages, three resistances have to be regained before the price is able to move back above $2: the resistance of the downtrend channel (grey dotted line), the previous support of the descending triangle (blue line) and the 0.236 Fib retracement level. This could take several weeks or even months. It depends on the price movement of Bitcoin.
2018-07-03: First Qubic Roadmap –https://twitter.com/iotatoken/status/1014585657988173829
The price couldn't break out of the downtrend channel so far. Maybe we'll see another push to the blue line. However, another drop below $1 is quite likely.
Beside the moving averages, three resistances have to be regained before the price is able to move back above $2: the resistance of the downtrend channel (grey dotted line), the previous support of the descending triangle (blue line) and the 0.236 Fib retracement level. This could take several weeks or even months. It depends on the price movement of Bitcoin.