Shares of Strategy (MSTR), the world's largest corporate holder of bitcoin that until recently was known as MicroStrategy, rose again Tuesday as the digital currency♔ continued rising.

The stock, which provides investors with a leverage bet on bitcoin's price, had gotten a boost to start the week after the company announced its latest purchase of the cryptocurrency. According to a regulatory filing on Monday, Strategy purchased 7,390 bitcoin between May 12 and 18, taking its total holding to 576,230 BTC, currently worth more about $61 billion based on bitcoin's recent price.

Strategy shares have soared 75% from their April low, tracking a recovery in the price of bitcoin and other risk-on assets as investor concerns about global trade tensions and their potential economic impact have subsided. Bitcoin surged above $107,000 on Tues🎉day, hitting its highest level since January and approaching its record high of just over $109,000.

Below, we take a closer look at Strategy’s 澳洲幸运5官方开奖结果体彩网:weekly chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to point out key price levels that investors will li✤kely be watching.

Record High Remains in Focus

Since the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) crossed above the 200-day MA in January last year to form a bullish 澳洲幸运5官方开奖结果体彩网:golden cross pattern, S♎trategy shares have continued to tr🌸end sharply higher. 

More recently, the stock has climbed back toward its 澳洲幸运5官方开奖结果体彩网:record high throughout April and May following a retracement to the 50-day MA in March. However, it's worth noting this move has occurred on significantly less 澳洲幸运5官方开奖结果体彩网:trading volume than the two most prior uptrends, indicating that larger market participants may remain on th♈e sidelines.

Let’s identify two key overhead areas on Strategy’s chart to watch if the shares continue their bullish move, while also locating crucial 澳洲幸运5官方开奖结果体彩网:support levels worth monitoring during 澳洲幸运5官方开奖结果体彩网:corrections.

Key Overhead Areas to Watch

A move higher from current levels could bring the $440 level into play. This area may provide overhead 澳洲幸运5官方开奖结果体彩网:resistance near a brief consolidation period that developed on the chart shortly after the stock set its 澳洲幸运5官方开奖结果体彩网:record high last November.

To forecast an overhead area to watch if the shares move into 澳洲幸运5官方开奖结果体彩网:price discovery mode, investors can use the bars pattern tool. We apply this technique by taking the price bars from the stock’s trending move from September to November and reposition them from the start of the current uptrend. This analysis, which predicts how a move higher may play out if 澳洲幸运5官方开奖结果体彩网:price action rhymes, projects an ꦉupside 💫target of around $945.

Crucial Support Levels Worth Monitoring

During a correction in the stock, investors should initially monitor the $230 level. This location on the chart could attract buying interest near the February and March troughs, and al🦄so closely aligns with a sli🧔ght pause in the stock’s uptrend during late October.

Finally, a more significant drop could see Strategy shares test lower support around $180. Investors may may look to place buy 澳洲幸运5官方开奖结果体彩网:limit orders in this region neaꦬr a trendline that links three peaks༒ that formed on the chart between March and July last year.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.