$MSTR is having the exact reaction you want to see after cleanly hitting the 100w EMA at $260 yesterday. Last time sentiment was this bad technically was in 2023 right before it went on a parabolic run. Also important to keep in mind that $MSTR has already had 2 major impulse legs since that 2023 bottom, +471% and +409%, respectively. Expectations on what it does from here should be tempered. But, the current consolidation is the longest by FAR, ~343 days. The stock is doing exactly what it should be doing after 2 massive expansions. Cooling off, resetting momentum, and frustrating investors to capitulate almost right to the last day The structural setup is very similar to what's preceded each prior rallies: - A deep retrace to the 100W EMA - Oversold TMO conditions (bottom panel) - Sentiment collapse while fundamentals have actually improved. Listen to Saylor's earnings call yesterday and how they're going after the entire fixed income credit market Its crazy that the latest consolidation has now lasted almost an entire year longer than either of the previous two bases, meaning energy is building for a larger-magnitude move when it resolves. This aligns with what I expect to happen to Bitcoin soon as well xitter.cf/Invst_Informant/status… There’s nothing abnormal happening other than psychological wear and tear of a post-parabolic consolidation. $MSTR volatility amplifies emotion, but structurally it’s behaving exactly as a high-beta Bitcoin proxy should.