Market Analysis for July 21: Bitcoin Approaching Strong Resistance Zone, Whether 66000 Can Be Broken Will Determine This Week's Direction
Good morning everyone, it is now 9:10 AM on July 21, 2026. Let's take a look at today's market trends and the trading ideas that follow.
From the 4-hour level, Bitcoin is still maintaining an overall upward trend. The previous period around 61600 has confirmed the bottom through consolidation, and subsequently, the price has continuously raised its low points, indicating a healthy market structure.
It can currently be clearly seen that the low points are exhibiting a gradual upward trend: rebounding from 61600 to 62000, then rising to 62600, forming a typical "higher bottoms" structure. At the same time, the high points are also continuously rising, from 64200, 64700, to 65300, with this round's upper target extended to around 66000.
Because of this, the trading strategy proposed yesterday for short positions in the 65000 to 65700 range aligns with expectations. Around 2 AM, Bitcoin reached a high of about 65700, then quickly retreated to 65000, with a pullback space of nearly 700 points, again validating the effectiveness of pressure in this area.
Therefore, today's overall approach remains unchanged, primarily focusing on short positions at high levels. Key attention is on the 65500 to 66000 range; as long as the price does not effectively stabilize above 66300, this area still belongs to a strong resistance zone, and after a surge, there remains a need for a pullback.
From the trend structure perspective, once under pressure at a high point and pulling back, the first support to focus on is around 63500, with further attention on the 63000 line. If the market operates as expected, after completing a pullback, there will still be opportunities for another rebound, making the entire 4-hour upward structure more complete.
It is essential to note that this round of market action may not necessarily touch 65700 to 66000 again before starting to retreat; there is also a possibility of a premature setback. If it subsequently breaks through the first support, it can be considered to follow through with short positions, with the extreme pullback area still focusing around 62800.
Bitcoin Strategy
Overall maintain a bearish consolidation view.
Short Position Layout: Enter in batches at 65500—66000.
Key Resistance: 66300; if not effectively broken, continue to maintain a bearish view.
Pullback Target: Around 63500, further attention on support in the 63000 to 62800 range.
Ethereum Strategy
Compared to Bitcoin, recent trading opportunities for Ethereum have not been ideal. Although a wave of upward movement was completed yesterday, the actual actionable space was limited, and the overall profit performance was significantly weaker than gold.
From the 4-hour trend, after a low pullback to 1842, Ethereum rose all the way to 1913, with a rebound close to 60 points. Currently, 1900 has stabilized again, with the first resistance level above focusing around 1920, while stronger resistance lies in the 1930 to 1960 area.
Therefore, it is not advisable to pursue short positions from the current location. A more prudent approach would be to wait for the price to further rebound to around 1930 before looking for short opportunities, as the 1930 to 1960 area remains the key resistance zone to focus on this time.
At this stage, I prefer to focus my main energy on Bitcoin and gold, diversifying risks through different varieties rather than overly participating in Ethereum trading.
Gold Strategy
Gold is currently operating near a critical trend resistance, and the upcoming close at 12 o'clock will become an important observation point for today.
From the 4-hour trend, this trend resistance line has been suppressing the market for quite a long time. Since July 6, the overall bearish structure has remained intact. Although the price has repeatedly tried to break upwards, these were mostly just brief spikes, quickly falling back below the trend line, failing to form a genuinely effective breakout.
Therefore, before the 12 o'clock 4-hour candlestick closes, it is not advisable to place orders prematurely, but rather to wait for the market to confirm its direction.
If after the 12 o'clock close, the price still cannot effectively stabilize above 4040, then you can continue following the bearish view, placing short positions around 4040, with the first target focusing on 3970. If the bearish volume increases further, it may be possible to see around 3920.
Conversely, if the price not only breaks above 4040 but also manages to stabilize above the trend line for two consecutive 4-hour candlesticks, forming an effective breakout, then it indicates that the short-term trend of gold has changed, the bearish pressure has been broken, and the subsequent view needs to shift to a bullish outlook for a new round of bullish movement in gold.
Summary
Currently, although Bitcoin remains in an upward structure overall, the pressure near 66000 is still evident, and until 66300 is broken, the bearish view remains unchanged; Ethereum will wait for a higher position to find short opportunities; gold will focus on the situation of the 4-hour close at 12 o'clock, using whether 4040 can be effectively broken as a crucial basis for the transition between bullish and bearish.
The market changes every day, but what truly determines trading results is not predicting market movements but executing your trading plan at critical positions. Control risks, wait patiently, and seize your own trading opportunities.
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