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Another Day, Another Bitcoin Breakout That Could Put $200 Within Reach

|Includes:ProShares Ultra Semiconductors ETF (USD)

April 24, 2013 (Coinalpha.com) - On its fourth attempt, Bitcoin managed to break decisively above the triple top resistance at $140 and gained further bullish momentum that could put the next $190 to $200 resistance area within reach in upcoming trading sessions.

As anticipated, the successful breakout opened the door for Bticoin to test our target area of $160- the approximate 50% retracement of the recent drop from $266 to $50. The virtual currency reached as high as $166.43 in this morning's trading.

BTC Daily Chart Provided by Bitcoincharts.com

It will be important to monitor Bitcoin's price behavior for the rest of today's and tomorrow's trading sessions, especially during pullbacks to the previous triple top resistance, now potentially strong support around $140.

If Bitcoin forms a base above $140 and does not encounter steep resistance in the $160 area, we would not be surprised to see another leg higher to our next target area between $190 and $200.

Stocks: USD