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.
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 ??
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.