BTC/USD broke above Ichimoku Cloud on Thursday and hit 1201 levels. The pair is largely unchanged today around 1190 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1109.57

Kijun Sen: 1075.66

Momentum studies remain bullish - RSI strong at 60, MACD line is above signal line, and the pair is holding well above major trend lines. However, we could see some consolidation around current levels (bullish flag pattern).

On the upside, a decisive break above 1200 levels would target 1220 (February 24 high)/ 1260 (March 15 high).

On the downside, support is seen at 1162.50 (Cloud top) and any violation would drag it to 1129.79 (50-DMA)/1110.42 (10-DMA).