The accumulation activity is already obvious in the order book. The four-hour rebound at $SPCX has never managed to hold above the midpoint, and volume has weakened each time. This structure looks more like a continuation of the downtrend than a bottom reversal. Sell orders are clearly stacked more heavily than buy orders in the resistance zone above; a rebound to that area is where the bears will take control again. Think about it the other way: if this were a healthy bottoming process, the pullbacks wouldn’t be so sluggish.
The price center of gravity is still moving lower, and the moving averages remain bearishly aligned. I’m inclined to follow the structure and go short, targeting the previous low below. The closer the rebound gets to resistance, the better the risk-reward.
🔴 Trade direction: Short
📍 Entry range: 160.05 – 164.05
🛑 Stop loss: 165.05
🎯 Take profit 1: 156.05
🎯 Take profit 2: 150.05
Gaze upon the vastness of mountains and seas; observe the market’s finer details.
Trade alongside Uncle Xiong, and witness the gains and losses of the world.
#SPCX
Click below to trade 👇
The price center of gravity is still moving lower, and the moving averages remain bearishly aligned. I’m inclined to follow the structure and go short, targeting the previous low below. The closer the rebound gets to resistance, the better the risk-reward.
🔴 Trade direction: Short
📍 Entry range: 160.05 – 164.05
🛑 Stop loss: 165.05
🎯 Take profit 1: 156.05
🎯 Take profit 2: 150.05
Gaze upon the vastness of mountains and seas; observe the market’s finer details.
Trade alongside Uncle Xiong, and witness the gains and losses of the world.
#SPCX
Click below to trade 👇