The recovery of Bitcoin which has started from $6000 area halted at $11000 where 100 and 50 day moving averages congerve. Moving Averages are recognized as both trend indicator and support & resistance levels by the traders. In this case, not only one but there are two critical moving average levels that is acting as resistance for the bulls just above 11000 handle.
What I want to see is the reaction that we are going to get once price approaches to trend line connecting the lows of Feb 2nd and Feb 26th. The orange line is representing this trend line and it is very critical for the future of the recovery. If the trend line breaks down, selling pressure may grow and Bitcoin could fall gradually first to $9200 and then $7500.
On the other hand, if Bitcoin gains traction on this trend line and breaks through $11000 resistance, that would be a green light for me to go long till $12700ish. After $12700, I would eye for $19000 level which is the target for inverse head and shoulders formation.