Bitcoin broke the bear flag formation we had since a week ago since the 10500/600 broke. This is a first bullish sign, but doesn't mean bears are gone. I see it more as if the bears took the pressure off than being bullish now. As long as we move below the 11200/300, i think the bears are still in favor. It's even possible that the high is already set as well at 10950. I am not going to make any short term predictions now.
Think the curved blue line on the left is important. It's a subjective line, so where to put is not easy, but think the 11200/300 range is a good level. That thick blue line i have used past 2 months, might also still have some weight, but i don't see it being very powerful anymore. So when bulls can reach that line again, it might force some sideways action, but could easily break it upwards eventually.
So i think that when the 11300 breaks (as a first good step), the bulls are probably in favor again and that bullish price action for the coming weeks/months becomes more likely as well. 11.600 is also still a big level for the bull to break. The 12.000ish has been an important several times the past months, so i think its best to assume that zone will still have a lot of weight as well.
On the downside, that curved line on the left seems to be real, so looks like that when the 10600/550 breaks, we could drop towards the 10.000ish again. I mentioned week ago, that 9500 was a possible higher low formation and so far it has been the low. Which means, that bulls have to hold the 9800/9600 from now on. Think if that breaks, the 9500 won't hold and therefore it will become very likely to see 8K prices or even lower, as i mentioned in the previous analysis.
So, 10600 is a level now, 10400 might be a level as well. 10.000ish is a big level also and i think that as soon as the 9800ish starts to crack, that bulls need to be very careful. In theory it can drop to 9500 as well, but i assume the 9700 should already be the maximum. So when the 9700 breaks, doesn't mean i am going to fully bet on 8K prices, but it means that bulls need to be VERY careful.
