Here’s your Stock Market Bitcoin Trade $MSTR – November 22, 2023

by MarketMentor
This is Scott with your Chart of the Day. Now, I know Thanksgiving and cryptocurrency can create a lot of conversation around Thanksgiving and the Thanksgiving table.

What I would recommend is, if you know someone in your family who is like, “Oh, you know what, I kind of understand crypto but I don’t want to open up a crypto account.” What they could do is take a look at MicroStrategy ( NASDAQ: MSTR ) stock.

MicroStrategy ( NASDAQ: MSTR ) has the most amount of Bitcoin as any individual company in history, they have a boatload of Bitcoin right now. So it is kind of like a Bitcoin play but you also have the solid foundation of a software business that still makes money selling software and Bitcoin is like their leverage.

What I like about the MicroStrategy ( NASDAQ: MSTR ) chart right now, #1 is, it is a really nice uptrend. It is above all the major moving averages and all the dips, under this orange line, which is the 8-day exponential, tend to get bought. Every time it gets down, the buyers step in.

So I like to see that the buyers are coming in, even when the stock is a tad weak. So we get this nice little short base on MicroStrategy ( NASDAQ: MSTR ). What I would look for, on this stock, is a breakout right above that 314.00 level, maybe just below. Have an alert there, and look for a strong move coming on volume.

Now, for a target for this stock, I have got to look at these previous highs back here and think, you know what? I think the stock has a possibility to retrace up to this $890.00 range if we see continued strength in Bitcoin.

This is one trade that I have on right now. I am just sitting with it, I’m long from below but I am looking to add, and will probably add to this position if we get a strong break, coming on volume.

So that is one way to talk to your family and friends about Bitcoin but keep them in the stork market.

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