Everyone got overly excited in the crypto space and that includes MSTR. However, the MSTR chart doesn't look great.
If we look at the overall trend, you can see that we've been in a downtrend ever since we broke the flag to the downside.
The recent bounce just took us back to the $130 range where we formed a double top. If price can't make it back above $137, then the most likely path is down.
I think we see one final capitulation even that brings MSTR down to the lower support levels with the final low being somewhere in the $20-40 range.
If we look at the overall trend, you can see that we've been in a downtrend ever since we broke the flag to the downside.
The recent bounce just took us back to the $130 range where we formed a double top. If price can't make it back above $137, then the most likely path is down.
I think we see one final capitulation even that brings MSTR down to the lower support levels with the final low being somewhere in the $20-40 range.
Note
I'll just update this once instead of responding to all the comments individually. Idea hasn't been invalidated, got a one day pump that couldn't even flip the key level as support. We're still going down. Crypto remains in a bearish trend despite getting a relief bounce over the past 2 weeks.
Enjoy being long :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.