Here’s your bitcoin trade on $MSTR – August 23, 2024
Dan Fitzpatrick here at StockMarketMentor.com. I want to do a quick video on MicroStrategy ( NASDAQ: MSTR ).
This thing is the ultimate Bitcoin levered thing, they’re enterprise software, that’s what we say. It’s enterprise software, but what it really is, is a Bitcoin bank. As an ex-great president said, “Make no mistake about it”. This is a Bitcoin bank and Bitcoin is starting to get really frisky here.
Some would say, Oh, it’s because of the Fed. I don’t give a rip about that. The bottom line is, it’s starting to go up. I look at IBIT ( NASDAQ: IBIT ), and it’s going to follow suit. MicroStrategy ( NASDAQ: MSTR ), it’s going to follow suit too. These days nobody really cares how the business is doing. I know I don’t, I just care how Bitcoin is doing.
This is what we did today, the stock started trading above the 50-day moving average. If you look at the volume, it’s much heavier than usual. And so here’s what I suggested to my members, and I’ll make this suggestion to you, it either works for you or it doesn’t. Buy the stock here at around 150.00, and then keep the stop fairly snug.
In my view, that’s the way to go because if you are buying this stock right now, it’s because you think it’s going higher. So what’s it going to take for you to see that you’re wrong? Well, it’s going to take the stock falling back down here. It doesn’t have to fall down here for you to say, Huh, well I think I might be wrong on this.
No, just use today’s candlestick chart as a reference, I have it even lower than that. But you could put it right here at 135.50, something like that, which gives you a really low risk. And a high, in my view, potential reward here. Because if Bitcoin does start moving a bit, it doesn’t need to go to 70,000.00 for this thing to start running.
That’s my suggestion, definitely watch MicroStrategy ( NASDAQ: MSTR ) here. If you’re buying it just make sure you’ve got some kind of stop on the stock because this thing has big swings.
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