One Crypto Stock That May Be Ready To Soar

Today’s stock is one we have been watching for a while, but we wanted to revisit this stock as it is approaching a major level. If this level is exceeded and held we are expecting another large move. However, with this stock being heavily tied to the crypto market, which is currently also in an uptrend, we believe this stock not only has a good shot at breaking this resistance level but even exceed it with a sustained rally higher from there.

But first, the stock needs to break and hold the line here. Microstrategy (MSTR) still has a large Bitcoin holding after the company spent a large sum of money buying up the digital asset and with the crypto market rising, it should translate to rising prices of this stock.

The level to watch here is 300. As you can see on the chart in the below video, this level has been a point of contention several times in the past. Each time the price has approached this level, price has reacted quite significantly. This time, with the stock and crypto market running like they are, we are looking for this level to be broken then retested.

This retest does two things for us:

1. It lets us determine if the move is valid
2. It gives us a better risk vs. reward for our entry

If the level is broken and we immediately take the trade, or make the trade in anticipation of this move, we are vulnerable to being faked out. However, if we remain patient to see how this move will play out, we can determine if the move is valid, and if it is, we can wait for this resistance turned support level to be retested. If it holds then we can enter a trade in anticipation for the move to be valid and continue. Watch my video breakdown below for more!

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