MSTR extended its recovery on the price charts, reclaiming the $1500-mark on WednesdayDespite Cramer’s “Do not buy MicroStrategy stock” calls, however, MSTR recorded an impressive recovery on Wednesday. By doing so, it posted gains of over 15% on the charts, double the gains registered by BTC in the same period.Here, it is worth noting that MicroStrategy stock could have benefited from a double boost. The first catalyst could have been its inclusion in the MSCI index.
Additionally, its price broke above the 20-day SMA , indicating more buyers jumped on the MSTR bandwagon on Tuesday . The market closed above $1500 on Wednesday and effectively flipped the market structure bullish on the higher timeframe charts. Ergo, MSTR could record more upside with the immediate bullish target at $1631 before eyeing the ATH of $1999. The RSI underlined massive buying strength too, with the same supporting all bullish projections.
That being said, at press time, the price momentum was still neutral based on the ADX’s reading below 20 . Hence, caution should be paramount. Also, it’s worth noting that MSTR was up over 100% when its YTD performance was compared to BTC’s 50%. However, the strong correlation between MSTR and BTC means the king coin’s extended recovery towards the range-high of $71k could pull MSTR further up on the price charts.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.
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