SPX 6900 is showing powerful bullish momentum, rallying 18.20 percent on the day and continuing its streak of higher highs and higher lows. Price is now approaching a potential breakout zone, with strong support below and a bullish continuation pattern forming on the chart. A Fibonacci extension points to $2.20 as the next major upside target, if current structure holds. After bottoming out near the $0.25 region, SPX6900 ( SPX6900 ) has been in a strong uptrend, marked by consecutive higher lows and higher highs. This structure has consistently reclaimed major volume levels and flipped resistance into support. Now, with price consolidating just under all-time highs and forming what could be a bullish pennant, traders are watching for a continuation move toward the $2.20 region. Key technical points Value Area High + Daily Support at $1.42: As long as price holds above this zone, the uptrend remains structurally intact. Bullish Pennant Formation Possible: Price is consolidating just beneath ATH, with converging support and resistance pointing to a breakout setup. Fibonacci Extension Target at $2.20: Taken from the last swing low to high, the 0.618 extension projects further upside if breakout occurs. SPX6900/USDT (1D) Chart, Source: TradingView SPX 6900’s market structure remains one of the strongest in the current cycle. After establishing a macro low around $0.25, price action reversed sharply, reclaiming the 200-day moving average, breaking past major volume profile levels, and confirming each breakout with a bullish retest. This has led to the formation of solid high-timeframe support zones, which continue to hold. Most recently, a key reaction came from the 0.618 Fibonacci retracement, which produced a strong rally into all-time high territory. Now, price appears to be consolidating in a pennant formation, a classic continuation setup where price coils in equilibrium before a decisive breakout. This pause in momentum is backed by strong volume, suggesting healthy buying interest and sustainable trend conditions. You might also like: Michael Saylor’s Strategy strengthens Bitcoin bet with 10,100 BTC purchase The current critical support zone lies between the value area high and daily support at $1.42. As long as price remains above this level, and the pennant structure continues to develop, a breakout toward $2.20, the 0.618 Fibonacci extension from the last leg, becomes increasingly probable. What to expect in the coming price action SPX 6900 remains in a high-momentum uptrend, and the current consolidation phase could lead to another impulsive breakout. If the $1.42 support zone holds and price breaks above the pennant, a move toward $2.20 is the next likely target. Until structure fails, bullish continuation remains the base case.
