BTC/USD plunged from 1281 levels (March 07 high) to 1160 levels today, following recent comments from PBoC official. The pair is currently trading at 1202 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1233.50

Kijun Sen: 1124

Momentum studies have turned bearish: RSI(14) is at 58, bias lower; and stochs have rolled over from overbought zones.               

Overall trend appears bullish and resistance is now seen at 1237.54 (10-DMA) and a break above would target 1265.42 (5-DMA)/1298 (March 03 high).

On the flipside, the pair has taken support near 1171 (20-DMA) and a close below would drag it to 1091 (February 24 low)/1024.67 (50% retracement of 751.34 and 1298).