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.