MicroStrategy plans to buy more bitcoin

MicroStrategy (MSTR.US) stock jumped nearly 3% after the business intelligence company completed its $500 million offering of secured notes, according to a statement. Company plans to use these funds to acquire more bitcoin. MicroStrategy currently owns more than 92,000 bitcoins. Company' shares are also benefiting from higher bitcoin prices as the most popular cryptocurrency is trying to erase recent losses.

MicroStrategy (MSTR.US) stock launched yesterday’s session with a massive bullish price gap and the upward move is being continued today. Currently the price is testing 200 SMA ( red line). Should a break higher occur, then the upward move may accelerate towards resistance at $736.55 which is strengthened by the upper limit of the 1:1 structure. However if sellers will manage to halt advances here, then another downward impulse towards support $522.60 may be launched. Source: xStation5