BTC/USD has restored its strength to above the 1200 mark, following the plunge to 975 levels as the SEC rejected the bitcoin ETF proposal. It is currently trading at 1232 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1162.50

Kijun Sen: 1162.50

Overall trend appears bullish and the pair is currently holding above 10-DMA. On the upside, resistance is now seen at 1245.58 (127.2% retracement of 1139.89 and 751.34) and a break above would see the pair testing 1298 (March 03 high)/1350 (March 10 high).

On the flipside, the pair has taken support near 1219 (10-DMA) and a close below would drag it to 1200 (20-DMA). A break below 20-DMA could see further dip till 1168.99 (23.6% retracement of 751.34 and 1298)/1121 (38.2% retracement of 751.34 and 1350).