BTC/USD is continuing its rangebound trading on Tuesday between 1198 and 1215 levels. It is currently trading at 1208 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1147.95

Kijun Sen: 1055.52

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 1189 (7-DMA) and ay violation would drag it to1162.50 (Cloud top)/1141 (50-DMA).