BTC/USD hit a high of 1330 on Wednesday, before closing at 1287.99 levels. The pair has once again broken above the 1300 mark and is currently trading at 1307 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1260

Kijun Sen: 1198.24

Momentum studies remain bullish: RSI is strong at 72, bias higher; MACD line is above the signal line; and stochs in overbought zone.

On the upside, a close above 1330 (April 26 high) would see a jump till 1350 (March 10 high). Further strength would see the pair testing 1387 (113% extension of 891.33 and 1330)/ 1400.

On the downside, support is seen at 1272 (5-DMA) and any violation would see a dip till 1247.65 (10-DMA)/1218.13 (20-DMA).