BTC/USD broke above the 1100 mark on Tuesday and hit a high of 1127 levels so far in the day. It is currently trading at 1110 levels (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1050.98

Kijun Sen: 1017.43

On the upside, the pair is facing strong resistance at 1128 (trend line joining 941.81 and 1074.69) and a break above would see it testing1139.89 (January 04 high)/1190.40 (113% retracement of 1139.89 and 751.34)

Momentum studies suggest further bullish trend: MACD line is above the signal line and the pair is successfully holding above 5- and 21-DMA.

On the downside, support is seen at 1074.45 (5-DMA) and any violation would drag it to 1030.93 (20-DMA)/975.10 (February 13 low)