BTC/USD continues to trade in a narrow range on Wednesday between 1188 and 1197 levels. It is currently trading at 1193 levels at press time (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 1132.19

Kijun Sen: 1066.86

The pair is struggling to close above 1200 levels, which would confirm further upside. A decisive break above 1200 would target 1220 (February 24 high)/1245 (127.2% retracement of 1139.89 and 751.34).

Overall bias remains bullish, however, a break below 1173.62 (7-DMA) could see some weakness in the pair till 1147.57 (10-DMA)/1081.83 (20-DMA). Any violation of 20-DMA could drag the pair to 913.73 (February 09 low).

Bitcoin price appears to be trading in a tight range in the intraday charts. The pair has taken support near 1188.35 (1H 55-EMA) and break below could see dip till 1182 (1H 90 EMA). On the other hand, the pair’s upside seems to be capped by 1192 (1H 7-SMA) and a close above would target 1200. Intraday bias is neutral.