BTC/USD hit a fresh high of 1143 levels on Wednesday, for it closed at 1130 levels. The pair is struggling for a close above the trend line joining 941.81 and 1074.69 and continues to hover around this level. It is currently trading at 1131 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1065.48

Kijun Sen: 1026.50

Overall trend remains bullish and further upside could be seen only if it closes above 1132 (trend line joining 941.81 and 1074.69). Any violation would see it testing 1190.40 (113% retracement of 1139.89 and 751.34)/1200.

The pair is successfully holding above 5- and 20-DMA. However, some caution is advised as RSI(14) and stochs are in the overbought zone.

On the downside, support is seen at 1089.36 (5-DMA) and any violation would drag it to 1036.97 (20-DMA)/975.10 (February 13 low).