It is clearly visible how much strength there is in this uptrend, the VWAP is the main support level and now it’s at 265$ and rising, the price breakout above 200$ has been important confirming the nature of the move as an explosive one, the target for this month is now at 420$ for bitstamp and i computed it as usual using actual volatility that is very close to the insane level seen in June 2011 top, when bitcoin moved from 50 cents to 32 usd in 2 months. I think that there is now enough buying activity to sustain this upmove and it will probably not repeat the crash happened last april, therefore i conclude that my initial target of 340$ will be cleared (it is already happenning right now at BTCchina where converting in usd price is at 416$).

For the bears, if there are any outside there:), the first bearish sign is a drop under 300$ then the penetration of the vwap under 265$ should confirm a reverse in the trend.