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

Courtesy of Chris Kimble

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.

This article was first written for See It Markets.com. To see the original post CLICK HERE.

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