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FxWirePro: BTC/USD faces strong trend line resistance at 1200, break above to see further upside

BTC/USD failed to close above trend line resistance on Tuesday. It is currently trading at 1190 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1185

Kijun Sen: 1060.16

The pair is facing strong resistance at 1200 (trend line joining 1350 and 1229) and only a close above will see further upside in the pair, targeting 1229 (April 11 high)/1260 (March 15 high).

In the daily chart, the pair is successfully holding above 5-DMA and momentum studies suggest scope for further bullish bias.

In the 4-hour chart, 1189.54 (4h 50-SMA) is acting as a major support and a break below would target 1165.94 (20-DMA)/1121 (55-EMA).

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