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MicroStrategy Month-to-month Chart.
MicroStrategy (NASDAQ:) is a tech firm promoting its enterprise software program options and analytics (platform), however it’s higher identified for one thing else…
It’s CEO, Michael Saylor, is a Bitcoin whale. And he has been investing vital quantities of the businesses reserves in Bitcoin. He even secured a time period mortgage utilizing Bitcoin as collateral.
So Microstrategy is a Bitcoin play as a lot as anything. Properly, Bitcoin and the cryptocurrency house has been hit exhausting of late, with falling beneath $30,000 and different crypto cash tanking.
That is additionally illustrated by at the moment’s “month-to-month” chart of Microstrategy (MSTR).
As you’ll be able to see, MSTR has been buying and selling inside a rising pattern channel for the previous twenty years. And after hitting the topside of the channel and its 61% Fib retrace of all-time highs, Microstrategy’s inventory worth has fallen 90%.
It’s now testing 20-year rising pattern help at (1). Crypto bulls are hoping this help holds. If not, it could be an enormous warning signal to the cryptocurrency area.
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