BTC/USD continues to consolidate in a narrow range on Wednesday. It is currently trading at 1254 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1162.50

Kijun Sen: 1162.50

Overall trend remains bullish as the pair continues to hold above 10-DMA. Also, RSI(14) is strong at 60 and the bullish crossover of 5 and 10 DMA suggest further upside for the pair. MACD also appears to be on the verge of bullish crossover.

On the topside, resistance is seen at 1298 (March 03 high) and a break above would see it testing 1350 (March 10 high).

On the flipside, the pair has taken support near 1212.40 (20-DMA) and a close below would drag it to 1201 (5-DMA)/1168.99 (23.6% retracement of 751.34 and 1298)/1121 (38.2% retracement of 751.34 and 1350).