July 22 [BTC] surged to 66,500! Where’s the promised pullback? How should longs and shorts play today?

Yesterday’s market didn’t follow the plan to retest and pull back at 65,000. Instead, it kept climbing all the way to 66,500—basically almost hitting our 67,300 target. Luckily, when executing shorts in practice, we did set up defenses. The final results are still quite satisfactory; if we had kept holding the position, it would’ve been disastrous.

Today, looking at this 4-hour chart, this move from the 57,758 low has followed a very standard “upward range-bound” channel—the lows have been steadily rising. Now the price has already tapped the 66,500 area, which is a previous zone of heavy clustered trading. In the earlier attempts to reach the 66,000–67,000 range, there were repeated reversals. There’s not small sell pressure here. Also, after the continuous rally, the indicators likely need some correction. So today, most likely it won’t just bull-run in one straight line; it’s more likely to consolidate in the high range, and even pull back slightly to confirm support.

In the short term, the news flow is relatively calm—there isn’t a super major positive or negative catalyst that could instantly ignite the market or trigger a sudden dump. Market sentiment is currently on the edge of “greed,” with capital rotating between themes. In such conditions, what the whales (main force) love most is to push price up to lure longs, then wash the market to shake out less confident positions, and only then make the next push higher.

Intraday trading
If there’s a pullback, wait for the 65,500–65,800 area, then consider going long. The target remains to first see around 67,300. Free play later.
If you want to short first down to 65,500–65,800, you must buckle up for safety.