BTC/USD broke above the 1200 mark and hit 1210 levels earlier in the day. However, it has slipped below this major psychological level and is currently trading at 1193 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1129.53

Kijun Sen: 1066.86

On the upside, the pair looking for a consistent break above the 1200 mark. Overall bias remains higher and further bullishness could be confirmed only if it closes above this psychological level.

A decisive break above 1200 would target 1220 (February 24 high)/1245 (127.2% retracement of 1139.89 and 751.34).

On the reverse side, support is seen at 1164.11 (7-DMA) and any violation would see it testing 1134.09 (10-DMA)/1074.79 (20-DMA).