Shares of Strategy (MSTR), formerly known as MicroStrategy and one of the world's largest holders of🃏 bitcoin, has tumbled this week as the digital currency 𒆙continues to slump.

The company, which has built a stash of nearly 500,000 bitcoins, has seen its stock come under 澳洲幸运5开奖号码历史查询:selling pressure amid mounting investor concerns about the health of the economy and uncertainty about the potential impact of trade tariffs. The possibility of rising inflation is a particular concern as that would make it harder for the Federal Reserve to cut interest rates, which isn't great for investors in 澳洲幸运5开奖号码历史查询:risky assets such as crypto or stocks.

Strategy said earlier this week that it had purchased anot𝔍her large amount of bitcoin, valued at roughly $2 billion, a development potentially weighing on the stock as the cryptocurrency’s price has retreated to its lowest level in three months.

The company’s shares were down 30% over the past month through Thursday's close but had nearly tripled over the past 12 months as investors have turned to the stock as a way to take a 澳洲幸运5开奖号码历史查询:leveraged bitcoin bet. The stock was up 6% 𝐆at $255 in recent trading Friday morning, after falling sharply in the premಌarket session as bitcoin fell below $80,000.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Strategy’s chart and identify cruc🦹ial price levels wor🌞th watching out for.

Descending Triangle Breakdown

Strategy shares traded within a three month 澳洲幸运5开奖号码历史查询:descending triangle before staging a decisive 澳洲幸运5开奖号码历史查询:breakdown below the pattern this week on increasing volume, 𝓀potentially setting the stﷺage for further falls.

Indeed, Thursday’s trading session saw selling intensify, confirmed by the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) falling below the 30 threshold into oversold territory to regജister its lowest reading since ๊December 2022.

Let’s identify three crucial 澳洲幸运5开奖号码历史查询:support levels on Strategy’s chart where the shares could encounter support if the bearish momentum continues, but also point out key 澳洲幸运5开奖号码历史查询:resistance areas wﷺorth monitoring during possible recovery e⛦fforts.

Crucial Support Levels to Watch

The bulls' failure to defend the closely watched澳洲幸运5开奖号码历史查询: 200-day moving average could trigger a fall to key support around $180. The shares may attract buying interest in this area near a trendline that connects multiple peaks that formed on the chart between March an💙d Sep🌠tember last year.

A close below this level could see the shares revisit $115, a location on the chart that may provide support near a range of prominent lows that developed last year in Aꦦpril, May, August, and Se𝔉ptember.

Further selling opens the door for a steeper 澳洲幸运5开奖号码历史查询:correction in the stock down to around $69. Bargain hunters could look for 澳洲幸运5开奖号码历史查询:entry points in this region near the prominent December 2023 澳洲幸运5开奖号码历史查询:swing high, which closely aligns with the low of a pullback in February last ye💙ar.

Key Resistance Areas to Monitor

During recovery efforts in the stock, investors should initially monitor the $315 area. A retest of this location could present sel⛄ling pressure near the descending triangle’s bottom trendline, whi🍎ch may flip from prior support into future resistance.

Finally, a move back above the descending triangle could see Strategy shares rally to around $543, an area they would likely gain significant attention near the stock’s 澳洲幸运5开奖号码历史查询:all-time high set in late November last year.

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