BTC/USD continues to consolidate in a narrow range on Wednesday and is hovering around 1220 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1170

Kijun Sen: 1060.16

Overall bias remains bullish – RSI is strong at 63, the MACD line is above signal line, and the pair is successfully holding above major trend lines.

The pair briefly broke above the 1220 mark on Tuesday, but failed to sustain its strength. A close above this level would see it testing would see the pair testing 1260 (March 15 high)/1298 (March 03 high).

On the reverse side, support is seen at 1208.17 (5-DMA) and ay violation would drag it to1162.50 (Cloud top)/1143.18 (50-DMA).