MICROSTRATEGY Top of the Channel. Time for a shortterm pullback?

MicroStrategy Inc. (MSTR) has been trading inside a logarithmic Channel Up on the 1D time-frame since the December 30 2022 bottom. The price is currently at the very top (Higher Highs trend-line) of the pattern and that is a technical bearish signal on its own.

It gets increasingly relevant though if we consider the 1D RSI which is overbought and at its highest level since November 13 2023 and more importantly, the remarkable symmetry among the phases of the Channel Up.

As you ca see the price action from the October 04 2023 Higher Low until today is very similar with the price action from the December 30 2022 bottom until (so far) the April 14 2023 High. Both started on a +136.17% rise then -40% correction and a Channel Up rebound for a new Higher High. The symmetry is evident among the 1D RSI sequences as well.

If this continues to hold, we should be expecting a -22.88% pull-back followed by a +77.48% rally that will break above the long-term Channel Up, which would inevitably do at some point since the stock price is so positively correlated to Bitcoin's price.


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