MSTR, COIN and XYZ Forecast – Crypto Stocks Look Soft in Premarket Trading

MSTR Technical Analysis

MicroStrategy looks like it is going to open up a bit lower during the trading session on Tuesday, as pre-market trading has been a bit soft. Ultimately, what I am watching is the 200 day EMA near the $250 level for some type of support, but we’ll just have to wait and see whether or not that actually comes to fruition.

Short term rallies could happen, but I think we’re still looking for more stabilization of this market. And of course, MicroStrategy is highly sensitive to Bitcoin, so you have to pay attention to what’s going on over there, and in the Bitcoin market, there isn’t a whole lot going on.

COIN Technical Analysis

Coinbase looks like it’s going to open about $10 lower than it closed. And this is one that I think is particularly interesting considering that there is a massive gap underneath, and this market could drop to the $195 level to fill it pretty quickly. It’s also worth noting that during the trading session on Monday, we closed below the 200 day EMA. And it looks like Tuesday is going to be a continuation of this. With that in mind, I think you have to look at this through the prism of whether or not we can find a base in this area. Right now, it doesn’t look very likely.

XYZ Technical Analysis

Block Incorporated looks like it’s going to open up basically in the same area it closed, so that’s a good sign, I suppose. But just a couple of sessions ago, we had an earnings and revenue call that was absolutely miserable, and it would not surprise me at this point in time if Block ended up going all the way down to the $60 level.

The $60 level, of course, is a large, round, psychologically significant figure and an area that we’ve seen visited a couple of times. So, at this point, I would be expecting more downside or at best, a bottoming pattern here? I think you would have to have Block proving itself to you before you start buying it.