BTC/USD failed to break above the 1220 mark and dropped to 1165 levels on Thursday. It is currently trading at 1186 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1170

Kijun Sen: 1060.16

On the upside, the pair faces immediate resistance at 1201 (7-DMA) and a break above will target 1229 (April 11 high)/ 1260 (March 15 high)/1298 (March 03 high).

RSI is holding above 50 and MACD line is above the signal line. However, the pair has been consolidating in a narrow range from past couple of days, struggling to close above February 24 high of 1220 levels.

The pair has taken support near 1063.17 (3H 100-SMA) and a break below this level would target 1144.14 (50-DMA). A close below would see further bearishness in the pair, dragging it till 1107.40 (21-DMA).