SPXUSDT continues to respect a well-defined ascending channel on the 4H timeframe. Price recently tapped the upper resistance trendline for the fifth time and faced a strong rejection, forming a local top around the 0.49 zone.
The chart shows:
– Multiple clean reactions from both channel support and resistance
– Repeated bearish rejections at the upper boundary (red circles)
– Strong bullish defenses near trendline support (green circles)
– Price currently losing momentum below key moving averages
After rejecting from channel resistance, price dropped sharply and is now retesting the mid-range area near previous support/resistance. If bulls fail to reclaim momentum, this could trigger a deeper correction toward the lower channel support.
Key Levels
Resistance: 0.43 – 0.46
Current Price Area: ~0.41
Major Support: 0.35, 0.30 , 0.26
Cheers
Hexa