The analysis of MicroStrategy (MSTR) stock, commencing from its July high, indicates a bearish trajectory. The asset experienced a retracement to the $200 level, correlating with the 0.236 Fibonacci retracement. Sustained price action below $201 suggests a continuation of the bearish trend, with a potential downside target around $113.67, identified as the 3.618 Fibonacci extension from the recent peak-to-trough movement. A successful breach and sustained trading above $201 would signal a shift, potentially leading to a rally towards the 0.382 retracement at approximately $235, which also coincides with a significant low from March of the current year. Historical analysis from 2022 reveals a similar pattern where the asset's rally fell short of the 0.382 retracement from its previous all-time high, subsequently breaching the 0.5 retracement when measured from a more recent peak. The current market structure mirrors this prior behavior, reinforcing the critical nature of the $201 resistance level for validating the prevailing bearish outlook.