Whoa, the big rocket SPCX is really something—up 30% in a week! Can we short it? And what should we do with Bitcoin? Let’s take a look.
1. First, the big rocket. Why is it going up? There hasn’t been any particularly significant good news. The main reason is the buzz around the White House gathering. Musk even said he’d support Trump and change the AI in his company’s name to SI. Other contributing factors include bullish calls from Wall Street and potential partnerships with Microsoft and TSMC. So, the question is: can we short it?
2. It’s worth a try! SPCX faces strong resistance around 180, so you could try with a small position. If it breaks slightly above that level, consider cutting your losses. There’s still plenty of room for it to pull back, and the risk-reward ratio is attractive. After all, another 14% of its shares will gradually unlock later in October, which could create significant selling pressure.
3. SPCX really has just two resistance levels: around 150 and around 180. We talked about these two months ago, as shown in the chart. Back then, we shorted around 150—and did so twice. We follow clear rules: we’ll trade a support or resistance level at most twice, and never a third time. If a level gets tested repeatedly, it may eventually break. Now that 150 has been breached, 180 is the next major hurdle!
4. Bitcoin is still trying to break through the resistance at its previous high. It keeps coming up just short, which is a shame. What can we say? Let’s be patient. If you’re feeling impatient, you can also trade the swings: sell some when it rises and buy back when it falls.
5. Pengu, with its decent volatility, is one of our swing-trading targets. As shown in the chart, Shuqin told everyone yesterday to take short-term profits on Pengu at 0.01. We also mentioned taking profits in yesterday’s feed. Looking at it now, it’s pulled back 7%, so you could consider buying back in on a dip. The crypto market as a whole is still moving sideways, so in the meantime, trade the swings and place a few trades each day!
1. First, the big rocket. Why is it going up? There hasn’t been any particularly significant good news. The main reason is the buzz around the White House gathering. Musk even said he’d support Trump and change the AI in his company’s name to SI. Other contributing factors include bullish calls from Wall Street and potential partnerships with Microsoft and TSMC. So, the question is: can we short it?
2. It’s worth a try! SPCX faces strong resistance around 180, so you could try with a small position. If it breaks slightly above that level, consider cutting your losses. There’s still plenty of room for it to pull back, and the risk-reward ratio is attractive. After all, another 14% of its shares will gradually unlock later in October, which could create significant selling pressure.
3. SPCX really has just two resistance levels: around 150 and around 180. We talked about these two months ago, as shown in the chart. Back then, we shorted around 150—and did so twice. We follow clear rules: we’ll trade a support or resistance level at most twice, and never a third time. If a level gets tested repeatedly, it may eventually break. Now that 150 has been breached, 180 is the next major hurdle!
4. Bitcoin is still trying to break through the resistance at its previous high. It keeps coming up just short, which is a shame. What can we say? Let’s be patient. If you’re feeling impatient, you can also trade the swings: sell some when it rises and buy back when it falls.
5. Pengu, with its decent volatility, is one of our swing-trading targets. As shown in the chart, Shuqin told everyone yesterday to take short-term profits on Pengu at 0.01. We also mentioned taking profits in yesterday’s feed. Looking at it now, it’s pulled back 7%, so you could consider buying back in on a dip. The crypto market as a whole is still moving sideways, so in the meantime, trade the swings and place a few trades each day!