Strategy Inc
Short

Is $MSTR only game in town? Charts seem to disagree.

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MSTR was the first BTC treasury company in Wall Street. It provided the leverage required on the price by BTC by borrowing against its balance sheet and buying $BTC. This has worked well for Strategy as it was the only game in the town. But not anymore. With new Crypto treasury company coming to the public every single day and BTC treasury companies in abundance the attractiveness of MSTR is decreasing.

In the chart below we check MSTR stock price vs BTCUSD and see that it peaked in Nov 2024. Since then, it is a series of lower highs and lower lows. The downward sloping channel also makes things complicated for the stock in the mid-term. Just on the weekly there is some support in the chart between 0.0026 and 0.0021. This also happens to be between the 0.5 and 0.618 Fib retracement levels.

My assessment is we can see some support at 0.618 Fib levels but make no mistake if Crypto bear market comes in 2026 – 2027 then the ratio chart can visit the all-time lows of 0.0007.

Verdict: MSTR / $BTCUSD is in clear downturn. It can find support at 0.618 Fib retracement level. Ratio can visit the cycle lows of 0.0007.

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