BTC/USD has broken above 1251.84 (78.6% retracement of 1350 and 891.33) on Tuesday and is holding successfully above this level. It is currently trading at 1269 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1215.44

Kijun Sen: 1150.66

On the upside, the pair now faces resistance at 1298 (March 03 high) and a decisive break above would see it testing 1320 (127.2% extension of 891.33 and 1229)/1350 (March 10 high).

Momentum studies appear bullish: RSI is strong at 67, bias higher, MACD line is above signal line, and the pair is holding well above 7-DMA.

On the downside, support is seen at 1230.44 (7-DMA) and any violation would see a dip till 1207.61 (20-DMA)/1172.99 (23.6% retracement of 891.33 and 1260).