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Cryptocurrencies are in focus this week as Coinbase prepares its direct listing tomorrow. Meanwhile, another early mover in the space has some interesting chart patterns: Microstrategy (MSTR).

Notice how MSTR has squeezed into an increasingly tight range since its big rally in February. Bollinger Band Width has contracted to 28 percent, its lowest reading since mid-December.

The narrow price action is also visible on this weekly chart. Notice the inside candle at the end of March, followed by continued moves higher…

For more, please click here to view the related idea and chart analysis on TradingView.

Microstrategy (MSTR), daily chart, with key patterns, courtesy of TradingView.
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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial.
Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.