BTC/USD surged higher on Monday and hit 1152 levels as the bitcoin law went into effect in Japan. Today, the pair is trading in a close range and is largely unchanged at 1146 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1052.47

Kijun Sen: 1120.66

Momentum studies remain bullish and the next resistance is now seen at 1176.52 (Cloud top) and a break above would see it testing 1190 (113% retracement of 1139.89 and 751.34)/1220 (February 24 high).

On the downside, support is seen at 1120.64 (50-DMA) and a break below would drag it to 1104.86 (5-DMA)/1074.95 (55-EMA).

Recommendation: Good to go long around 1120.64/1146. SL: 1100. TP: 1176/1190