Strategy's price chart is about to flash a major bullish signal weeks after bitcoin did
BTC when published $82,331Now $80,595 ▼ −2.11% since it was published
Weeks after bitcoin’s (BTC) price chart flashed a major bullish signal, Strategy (MSTR), the largest publicly listed accumulator of the cryptocurrency, is about to do the same. The signal, a golden cross, occurs when a security’s 50-day average price rises above its 200-day average. Some traders read the transition as a decisive bullish shift in momentum that can lead to a prolonged rally. For MSTR, which holds $69.81 billion in bitcoin, the cross could happen as soon as Monday. Since the company began buying the largest cryptocurrency for its balance sheet in August 2020, the stock has had two such crosses, and huge rallies followed both. The first happened on Sept. 15, 2020, with the stock at about $15.57. MSTR climbed to $127.29 by February 2021, a gain of 717%.
First reported by CoinDesk. This page is a short excerpt; the full text is theirs.
