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7.26 Weekend Market Overview: Is BTC's Double Bottom Forming for a Rebound?

BTC closed with a hammer candlestick this morning; will it recover above 11.76 over the weekend and start a choppy upward movement? However, both the daily highs and lows are decreasing, and there have been three consecutive bearish candles, indicating a possibility of further downward movement.

Bitcoin retraced to 11.48 yesterday, stopping the rebound, and a small W bottom has formed. It is currently hovering in the small resistance range of 11.72-11.76; if it breaks above, consider going long with targets at 11.9 and 12, and a stop loss at 11.72. Conversely, if it fakes a breakout and falls back, consider entering short with targets at 11.63 and 11.5, and a stop loss at 11.82.

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