7.20SPCX Evening Market Analysis Po-Yuan Views

Why is it falling again? The long lower wick on July 18 failed to establish a bottom. The subsequent rebound was unable to break through the resistance level. Today’s large bearish candle directly engulfed the recent consolidation range, confirming a “downtrend continuation” pattern.
The recent highs keep getting lower, and the lows keep making new lows. Currently, around 120 is approaching the prior low of 116, and the bears are completely in control. If tonight breaks below the 120 integer support level, it will directly test the prior low support.

News catalysts
Risk-off sentiment heats up: The geopolitical conflict triggered by Iran’s attack on a U.S. military base has sparked market panic. Capital has been pulled out of high-risk tech stocks, and as a high-valuation growth stock, SPCX is hit first.
No real upside: Although Google and storage chips rose on AI-related positives, SpaceX lacks its own catalyst. Instead, it is dragged down by macro risk-off sentiment, showing weak behavior of “following down but not following up.”

The current market is a “falling knife” situation—downside potential is unclear, so don’t blindly bet on a rebound.

Key levels to watch:
Focus on the 116 prior-low support. If it’s broken effectively, watch for acceleration to the downside risk.
Wait for a clear 4-hour level stop-bearish candlestick pattern combination or for it to hold above 125 before considering right-side trading.
If you’re trapped in the position and 116 hasn’t broken, you can temporarily stay on hold. If it rebounds to around 130, take profit on the way up and reduce exposure; if it breaks down, cut losses decisively. $BTC $ETH