Brothers, SPCX is now around 145u. This morning it was pushed up from 139 all the way to 149, hitting 149.7. In the past 24 hours, it ate more than 4 times, and then pushed back up under the previous high—right under that doorway. First, the conclusion—yes, it is truly up. But I won’t chase it here; I’ll wait for a pullback.
The whole issue is about the money. This rally was fierce—actually, it was lifted up by the futures/contract positioning. Over about seven hours, the open interest/position size surged by 16 points, but as soon as the price reached the high it spit back out. Even the 15-minute line has been lying down under the short-term moving average.
A large amount of leverage was put in, but the price didn’t hold—so that momentum is now weak and that “breath” feels empty.
The order book also adds one more strike: the buy wall is only about 70% as thick as the sell wall. Even with aggressive trades, sells are still heavier. During that spike, there were people unloading inventory on top, and the buyer/receiver side didn’t have enough strength to absorb it.
The whales are even more direct: in 7 hours, they withdrew more than 30% from their accounts, and their positions shrank by over 10% as well. Big players are pulling out funds—not moving in.
I’m not bearish on direction. The daily chart is still pointing at the long side, but this time the move from 148 to 149—the door that should have been broken—wasn’t passed. It was all propped up by leverage. Chasing here isn’t worth it. Wait for the pullback and get back in when it drops to above 140 and can hold. I’ll stay in a slightly bullish stance while waiting for this momentum to smooth out.
#spcx $SPCX
The whole issue is about the money. This rally was fierce—actually, it was lifted up by the futures/contract positioning. Over about seven hours, the open interest/position size surged by 16 points, but as soon as the price reached the high it spit back out. Even the 15-minute line has been lying down under the short-term moving average.
A large amount of leverage was put in, but the price didn’t hold—so that momentum is now weak and that “breath” feels empty.
The order book also adds one more strike: the buy wall is only about 70% as thick as the sell wall. Even with aggressive trades, sells are still heavier. During that spike, there were people unloading inventory on top, and the buyer/receiver side didn’t have enough strength to absorb it.
The whales are even more direct: in 7 hours, they withdrew more than 30% from their accounts, and their positions shrank by over 10% as well. Big players are pulling out funds—not moving in.
I’m not bearish on direction. The daily chart is still pointing at the long side, but this time the move from 148 to 149—the door that should have been broken—wasn’t passed. It was all propped up by leverage. Chasing here isn’t worth it. Wait for the pullback and get back in when it drops to above 140 and can hold. I’ll stay in a slightly bullish stance while waiting for this momentum to smooth out.
#spcx $SPCX