BTC/USD is trading in a narrow range on Tuesday between 1225 and 1250 levels. It is currently trading at 1237 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1162.50

Kijun Sen: 1162.50

Overall trend remains bullish as the pair continues to hold above 10-DMA. The pair is facing strong resistance at 1245.58 (127.2% retracement of 1139.89 and 751.34) and is struggling to close above. A decisive break above would see the pair testing 1298 (March 03 high)/1350 (March 10 high).

On the flipside, the pair has taken support near 1206.61 (20-DMA) and a close below would drag it to 1190.69 (5-DMA)/1168.99 (23.6% retracement of 751.34 and 1298)/1121 (38.2% retracement of 751.34 and 1350).