MicroStrategy (MSTR.US) as well as other US crypto-linked stocks trade higher today. Bitcoin halving was completed this week, and will result in reduced supply of Bitcoins going forward. From a fundamental point of view, this should support coin's price and therefore provide a boost to companies, whose valuation is linked to Bitcoin. However, this is more of a long-term effect. Short-term effects of previous Bitcoin halving have been less clear-cut. Nevertheless, as the most recent event did not led to any major moves on the Bitcoin market, and the coin steadily continues ongoing recovery move, crypto stocks benefit.
MicroStrategy (MSTR.US) rallies over 10% today. Taking a look at chart at H1 interval, we can see has bounced off the $1,150 support zone and is now testing the upper limit of a short-term trading range in the $1,300 area. This zone is marked with previous price reactions, as well as 50-hour moving average (green line). A break above could pave the way for a bigger upward move, with $1,450 area being a textbook target of the upside breakout from trading range. Reaching $1,450 area would mean breaking above the upper limit of the local market geometry, a move that signals potential short-term trend reversal.
إبدأ بالإستثمار اليوم أو تدرّب على حساب تجريبي
إنشاء حساب حساب تجريبي تحميل تطبيق الجوال تحميل تطبيق الجوال
Source: xStation5
