GME, MSTR and COIN Forecast – Bitcoin Related Stocks Get a New Company

GME Technical Analysis

GameStop has jumped about 15 % in pre-market trading, after announcing, after the close during the Tuesday session, that they were going to put Bitcoin in their treasury. So now GameStop has become a proxy for Bitcoin, and we are going to see a major shift here in the way people look at this market. At this point, it looks like the market might try to reach the $34 level, which was a swing high at the beginning of the year.

This is the latest attempt to keep a company afloat that quite frankly does very little in the way of selling games, it seems, and it’s all about meme stocks. Nonetheless, the momentum’s here and if the idea of Bitcoin backing Gamestop actually sticks, that could change the entire outlook for this market going forward.

MSTR Technical Analysis

MicroStrategy is up ever so slightly in pre-market trading as traders continue to jump back into Bitcoin. So, this does make a certain amount of sense. If we can break above the $350 level, it’s likely that the market will try to do whatever it can to go even higher. With this, I think you have to watch the next day or so, because quite frankly, the risk appetite out there is a bit mixed, but it would make a certain amount of sense that MicroStrategy rally right along with Bitcoin.

COIN Technical Analysis

And finally Coinbase has a little bit of positivity in the early hours of Wednesday, but we also have the death cross going on, which is technically a negative signal, but it’s also worth noting that the death cross is typically very late. We had recently bounced from a crucial support level in the form of $180 and now I think Coinbase is trying to rally right along with the rest of Bitcoin related equities. At this point, we may, and the key word is may, have just formed a bottom. It will be noisy, it will be choppy, but at this point in time it looks like the risk is most certainly skewed to the upside.