- MicroStrategy stock price shot up 10.05% on an intraday session and formed a bullish continuation pattern
- NASDAQ: MSTR stock price sustained above 200 day EMA and prepares for the golden crossover
- MicroStrategy company said it has increased its Bitcoin holding to 132,500 BTC
MicroStrategy Inc(NASDAQ: MSTR) stock prices had grabbed the attention of the many investors and prices rallied 22% on the weekly basis when the street came to know that George Soros, a man behind Soros fund management, had increased his stake in the stock and also initiated a fresh long position in Bitcoin.
In the previous session NASDAQ: MSTR stock price closed at $298.40 with an intraday gain of 10.05% and the market cap stood at $3.446 Billion
Will Bitcoin linked MSTR outperform in 2023?
MicroStrategy Inc(NASDAQ: MSTR) stock prices are reversing upward with the positive momentum and forming a bullish reversal which shows that confidence of the buyers is returning back and expecting outperformance in the coming months.
At the beginning of January, MSTR stock price took a U-turn after testing the 52 week low at $132.56 and managed to reclaim the 50 day EMA which has derived the bullish sentiment and prices shot up 60% approx in the short span of time. In addition to that, MSTR stock had broken out of the neckline hurdle and pushed the price above the 200 day EMA which indicates that the positional trend has reversed in the favor of bulls. However, the previous trading session closed near to the swing high at $300.00 level which might act as a short term barrier for the bulls but buyers seem to be very aggressive and likely to break the $300.00 level
The technical indicators of the MSTR stock like MACD is also reversing upward and on the way to generate a positive crossover indicates bullishness to continue in coming days and the RSI curve at 67 sloping north denotes that the buyers are more active as compared to sellers. On the other hand, If overall market sentiment turned negative then prices might witness minor cool off and $216.00 will act as the important support level for the buyers.
Summary
MicroStrategy Inc(NASDAQ: MSTR) stock prices had shown a surprising recovery of 125% from the 52 week low which clearly shows that institutional buyers have taken long positions and turned bullish for the future outlook of the company.
The technical analysis suggests that till MSTR prices hold both the EMAs the probability of upside breakout will increase in the favor of bulls. However, if prices drop below $216.00 then bears might try to drag it further down towards $200.00 level
Technical levels
Resistance levels : $320.00 and $362.00
Support levels : $216.00 and $160.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/16/mstr-surged-22-61george-soros-increased-his-stake-by-soros-fund/