SPX6900 bounce could fail at $1.42, confirming bearish shift
The post SPX6900 bounce could fail at $1.42, confirming bearish shift appeared on BitcoinEthereumNews.com.
SPX6900 has rebounded from support after a steep drop but now faces heavy resistance. A failure to reclaim $1.42 could confirm a full bearish structure shift and deeper downside. After printing an all-time high, SPX6900 (SPX6900) experienced a dramatic decline, breaking below prior higher lows and invalidating the bullish market structure. The current bounce, while aggressive, is testing a dense confluence of resistance levels, suggesting this move could be a bearish retest rather than a true reversal. Key technical points Bearish Market Structure: Lower high and lower low now in place after trend break. Critical Resistance at $1.42: Point of control, 0.618 Fibonacci, and high time frame level align. Full Auction Rotation Risk: Value area low is the next key downside target. SPX6900USDT (1D) Chart, Source: TradingView The loss of the higher low structure marked a major technical shift for SPX6900. For weeks, price action had maintained a clear uptrend, printing consecutive higher lows en route to an all-time high. But the recent drop broke this sequence, forming a new low and shifting the trend into bearish territory. The current bounce has pushed price back into the $1.42 resistance zone, a level loaded with technical significance. Not only does this mark a high time-frame resistance level, but it also aligns with the point of control of the current trading range and the 0.618 Fibonacci retracement from the recent decline. Together, these form a strong confluence that price must reclaim to even begin rebuilding bullish momentum. Without a clean break above this area, the current price action is best interpreted as a bearish retest, a common technical reaction after a market structure breakdown. This scenario increases the likelihood of a continuation move to the downside, with the value area low acting as the next key target. If this auction rotation completes,…
Filed under: News - @ June 26, 2025 3:29 am