#Gate Launchpad IKA上线# 7.29 Market Overview: BTC engulfs the previous candle, will it oscillate downwards during the day?

The BTC had a large bearish candle in the morning with upper and lower shadows, forming an engulfing pattern with yesterday's candle, and the primary movement of the day is a downward oscillation.
BTC formed an M double top structure at 11.97 and began to retrace, finding support at 11.74 and starting to rebound; at the same time, BTC is moving in a bullish descending wedge channel, first breaking the descending trend line and then facing the challenge of the position exchange at the resistance of 11.83; the support zone of 11.72-11.76 remains effective.
Wait for the breakthrough at 11.83 on the right side to stabilize and enter long positions, with a MACD golden cross formed, defense at 11.74, targets around 11.91 and 11.97; conversely, if there's a false breakout followed by a drop, enter short positions with defense at 11.9, targets at 11.76 and 11.72; left side low long ambush in the 11.76-11.72 range, targets at 11.83 and 11.9, pattern at 11.97.
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