Keep an eye on 59K area

Morning everybody,

So, our 65K target is hit accurately. And, again the question - what to do next. Market now stands in reasonable retracement, which is the reaction on completed target. Currently BTC has external support because of weak short-term context on US Dollar and US Interest rates. This makes us think that there could be another upside challenge to 68-71K. But just to not rely on ideas purely, technically we have to keep an eye on 59K level. This is very strong support and could be used twofold.

First is - as an area for long entry with stops above it. It provides outstanding risk/reward ratio, if price keep going to 68-71K target. Second - it is an indicator. BTC has to stay above it to keep bullish context. If level will be broken - this will be clear sign that short-term bullish context is over and we should be prepared for deeper retracement.

Still, with pictures on DXY, 10 year yield, Gold etc., it seems that chances to hit 68K are not as bad.