Your short idea on $SPACE is playing out well—but don’t get too comfortable just because it’s green.
Right now, the move suggests bearish continuation, likely driven by weak buying pressure and sellers stepping in on minor pullbacks. The fact that price is respecting lower highs indicates momentum is still on the downside. As long as it stays below recent resistance zones, shorts remain in control.
However, two things to watch closely:
Support reaction: If price approaches a strong support level and starts showing rejection (long wicks, volume spike), a bounce or short squeeze can happen.
Momentum slowdown: If candles start shrinking and volume drops, it often signals the move is losing strength.
Your idea of moving stop-loss into profit is smart—this turns the trade into a risk-free position while allowing further downside.
Simple outlook:
Below resistance → bearish bias continues
Break above structure → possible reversal / exit signal
If momentum holds, you can trail your stop and let the market do the work.