$MSTR - I like the overall market structure here, as the price has managed to break above the 1D Bull Market Support Band, which has been a strong reversal point over the last couple of months and is a clear sign of strength.

However, I believe that the best approach currently is to maintain a more defensive stance until the lost high-timeframe support range marked in red, sitting at $160, is reclaimed.
That would also be the level where I would look to fully scale out of my hedges and rotate the remaining capital back into my spot holdings.
Back in February, when the price tested the high-timeframe support range marked in purple, an important POI I highlighted in many of my prior PAT Updates, I partially scaled out of my hedges and rotated some capital back into my spot holdings in order to position myself for a potential reversal to the upside.
Now, if the price manages to break above the lost high-timeframe support range marked in red, I will fully scale out of my remaining hedges in MicroStrategy and rotate the capital back into my spot holdings, as that would make the most likely outcome a continuation to the upside.