6.13 Saturday SPCX Early Morning Thoughts

SPCX, a shadow contract driven by the anticipation of SpaceX's IPO, is now officially being realized, and the entire hype game has reached its end. The IPO premium rally has been fully realized, and the market has shifted directly from the frenzy of betting on expectations to a value reversion phase that squeezes out the bubbles. The overall trend is a continued collapse of sentiment.
It must be clear that this contract does not have any physical equity backing as a safety net. After the listing, there are no new positive catalysts to support the price. The artificially inflated premium created by capital speculation earlier is now the best downside target for bears.
On the chart, a single long bearish candle on the hourly chart directly breaks through the price level, with the price crashing from the high of 183.76 down to the low of 152. The current price has already lost the middle and lower bands of the Bollinger Bands, two key support levels. The previous upward trend is completely invalidated, and the selling pressure from bears is just beginning to be released.
Short-term trading plan: When the price rebounds and faces resistance around 175, it is an excellent entry point for short positions. Strictly control risk with low leverage, with the first target for the downward move at 155. $BTC $ETH $SOL