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Microstrategy Stock Crash Gets Crypto Bulls' Attention, Key Support Test In Play

By Chris KimbleStock MarketsMay 13, 2022 11:00AM ET
www.investing.com/analysis/microstrategy-stock-crash-gets-crypto-bulls-attention-key-support-test-in-play-200624177
Microstrategy Stock Crash Gets Crypto Bulls' Attention, Key Support Test In Play
By Chris Kimble   |  May 13, 2022 11:00AM ET
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MicroStrategy Monthly Chart.
MicroStrategy Monthly Chart.

MicroStrategy (NASDAQ:MSTR) 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 $30,000 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 two 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.

Microstrategy Stock Crash Gets Crypto Bulls' Attention, Key Support Test In Play
 

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Microstrategy Stock Crash Gets Crypto Bulls' Attention, Key Support Test In Play

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Comments (3)
Johnny Crash
Johnny Crash May 14, 2022 9:04AM ET
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Karma is being served!
Barry van Asten
Barry van Asten May 13, 2022 11:07PM ET
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$30k is not hard, 2 yrs ago that was a dream— when it gets to $13,900 thats hard — but thats where its going
Alan Rice
Alan Rice May 13, 2022 2:07PM ET
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Crypto fans: Time to place your BETS ??
 
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