A cryptocurrency analyst has pointed out how Bitcoin could risk a crash to $69,230 if the support level of this Bear Pennant doesn’t hold up.
Bitcoin Might Need To Hold Above $87,200
In a new post on X, analyst Ali Martinez has talked about a support level that BTC might have to hold in order to avoid a steep drop. The level in question is the lower line of a Bear Pennant.
A Pennant is a pattern from technical analysis (TA) that’s similar to a Flag. Both of these patterns are characterized by an initial sharp move (commonly known as the “pole”) and a subsequent phase of consolidation. But unlike Flags, which involve a parallel consolidation channel, Pennants involve a triangular channel instead.
When the price is trading inside the consolidation portion of the Pennant, it encounters resistance at the upper line and support at the lower one. A breakout of either of these levels may signal a sustained move in that direction. Pennants are generally considered to be co
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