BTC/USD has broken above the trend line joining 1350 and 1229. It is currently trading at 1218 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1182.78

Kijun Sen: 1083.26

On the upside, the pair now faces resistance at 1230 (trend line joining 1220 and 1229) and a consistent break above would see it testing 1260 (March 15 high)/1298 (March 03 high).

Momentum studies appear bullish with RSI strong at 61, MACD on the verge of a bullish crossover, and stochs appear to be rolling over to overbought zone.

On the downside, support is seen at 1192 (5-DMA) and any violation would see a dip till 1173.75 (20-DMA)/1143.72 (50-DMA).