Microstrategy is a tech company selling its enterprise software solutions and analytics (platform)… but it is better known for something else…
It’s CEO Michael Saylor is a bitcoin whale. And he has been investing significant amounts of the companies reserves in Bitcoin. He even secured a term loan using bitcoin as collateral.
So Microstrategy is a bitcoin play as much as anything else. Well, bitcoin and the cryptocurrency space has been hit hard of late, with Bitcoin falling under $30K and other crypto coins tanking.
This is also illustrated through today’s “monthly” chart of Microstrategy (MSTR).
As you can see, MSTR has been trading within a rising trend channel for the past 2 decades. And after hitting the topside of the channel and its 61% Fib retrace of all-time highs, Microstrategy’s stock price has fallen 90%.
It is now testing 20-year rising trend support at (1). Crypto bulls are hoping this support holds. If not, it would be a big warning sign to the cryptocurrency arena.
$MSTR Microstrategy “monthly” Stock Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to email@example.com for details to get set up.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.