XYZ, MSTR and COMM Forecast – Blockchain Stocks Mixed in Premarket

XYZ Technical Analysis

Block has dropped significantly in pre-market trading, and it looks like it’s probably going to take a pretty significant hit. Earnings, of course, came out, and they were lower than anticipated, so this should not be a huge surprise, as Thursday saw the earnings miss by 20% and revenue miss by a little over 4%.

Miners in the blockchain space are struggling with the price action as of late and of course the increased difficulty in mining bitcoin so this does make perfect sense. The question at this point of course is going to be whether or not we get a bit of a bounce, but it certainly looks like Block Incorporated is in trouble.

MSTR Technical Analysis

This market still hasn’t really filled the gap below, but it came close enough that I don’t know if it’s as big of an issue anymore. The question now, of course, is whether or not we have some type of reason for MicroStrategy to go higher. With Bitcoin going sideways and doing nothing, I would anticipate that MicroStrategy will probably do more of the same as well.

COMM Technical Analysis

CommScope is going to open up right around where it closed, but it’s worth noting that the earnings call isn’t until next Wednesday, so it’s probably more or less in a bit of a holding pattern. The 200-day EMA is near $4.50 and rising, and I think that will be your floor in the market at the moment.

If you zoom out, you can make an argument for a symmetrical triangle, but quite frankly, I think this is more or less just a holding pattern because of those earnings announcements coming next week.