Counterparty Rejecting Long-Term Trendline
The resistance is seen at $31, which is confirmed by two levels. First is 161.8% Fibs applied to the current corrective wave down, where the was rejected. Second Fibs applied from October low, up to the all-time high, and it is 76.4% Fibs.
It seems this is a key , break of which could confirm a long term uptrend, while the rejection might result in a strong corrective wave down.
The downside risk still remains, but to confirm XCP/USD intentions, price has to break and close below $9.5 level. In this case Counterparty could continue moving lower, or extend the consolidation period.