BTC/USD is trading extremely rangebound today between 1200 and 1212 levels, after it hit 1216.87 levels on April 09. It is currently trading at 1203 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1141.68

Kijun Sen: 1075.14

Overall bias remains bullish. The pair is consolidating in a narrow range, continuing its bullish flag pattern past couple of days.

On the upside, the pair faces strong resistance at 1220 (February 24 high) and a decisive break above would see the pair testing 1260 (March 15 high)/1298 (March 03 high).

On the reverse side, support is seen at 1194.93 (5-DMA) and ay violation would drag it to1162.50 (Cloud top)/1138.41 (50-DMA). Watch out for a close below 1186.46 (1h 100-SMA) for signs of minor bearishness.