Bitcoin Chart Analysis: Symmetrical triangle breakout to power BTC/USD above $9700

Bitcoin (BTC/USD) is struggling hard to recover ground after the early drop to 9529.71 lows, tracing the broader sentiment across the crypto markets. The bulls are finding some stiff resistance around the 9630 mark on the road to recovery. Although the path of least resistance appears to the upside in the near-term amid a favorable bullish technical set up. At the press time, no. 1 coin trades flat around 9615, set to end the week 1.5% higher. It enjoys a market capitalization of $177.17 billion so far this Saturday.

Technical Overview

BTC/USD 15-minutes chart

On the 15-minutes chart, the price has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels placed ahead of that level.  

The immediate resistance awaits at the downward sloping 50-bar Simple Moving Average (SMA) at 9642, above which the next one is aligned at 9689.40 (bearish 100-bar SMA). Further up, the horizontal 200-bar SMA at 9711 could emerge as a tough nut to crack for the buyers.

Alternatively, any pullback is likely to meet fresh demand around 9600 levels, the confluence of the previous trendline resistance now turned support and bullish 21-bar SMA.

To conclude, the price may extend the range trade following the bullish break. The bullish bias remains intact so long as the No. 1 coin holds above the 21-bar SMA.

BTC/USD technical levels to watch