Microstragey -

It is safe to say Michael Saylor has been public face for Bitcoin bulls recently, which has helped push Micro Strategy stock through the roof.

The above weekly chart has just flashed a warning. A warning that price action is considerably overbought. The overbought condition (green column) has illuminated together with a break of Money Flow Index (MFI) support (bottom oscillator). We can also see sell pressure has increased significantly.

Risk / reward is unacceptable at this moment.

1st target $200

It is possible price action can move higher? Absolutely.

Is it probable? Unlikely.

Trade active:

My goodness - another 56%. Gone ballistic. Where is the top? Who knows. Selling when buyers evaporate is no fun experience either - look closely at the price action - gaps are everywhere - price action could collapse as fast as it has risen. Realising profits however is far more important.

Looking closer at MFI a back testing of support can be seen confirming resistance.

The risk of a price collapse is now high.

Trade active:

Look at the size of the Gravestone DOJI on the 8-day chart - sell me it screams.

What would a crash in MicroStrategy price action mean for Bitcoin ??