It’s again the end-of-week phase—there’s no avoiding a bloody storm, as the big sell-off is about to arrive.

What appears to be calm right now is just a buildup of strength. This month, the dispute in the Iran-U.S. Strait has been temporarily put on hold; the favorable sentiment has already been released; and the market has responded accordingly. Big BTC has climbed to as high as 760, while small coins are also up 2416; and various altcoins have surged in sync.

The current upward move has already slowed down. On smaller timeframes, bulls and bears continue a tug-of-war. In the short term, neither side has a clear win, but over time this kind of situation won’t keep going forever. At the end of the week, a breakout or reversal is also likely. Added to that, tomorrow is Friday—under all kinds of emotions, large fluctuations are unavoidable.

From a structural perspective, both times the price attempted to push higher were stopped by resistance from above. This shows the bulls lack sufficient follow-through. In the short term, the pullback doesn’t have much force, but Wukong is taking this kind of rhythm as an accumulation—building up power to smash the order book downward from a high level. It’s not based on hunches: structurally, there is a clear double-top pattern applying pressure. So, for the bigger direction going forward, it’s still bearish.

For this round of decline, I personally expect it to target the 713-680 area; if the downside is stronger, it could go down to 630.

The above is only my personal view, for reference only!
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