Price action broke through the neckline and the measured move puts us in the $280-$290 range which also coincides with the Fibonacci retracement level of 0.618 from the down trend.
Could this scenario play out? The volume is suffering with S. Korea and China FUD. Once it picks we, we can regain the trend.
XCP has kept true to a long weekly horizontal channel. The downtrend was broken with a double bottom and we are now at a strong resistance at the top of the channel. Keep an eye on volume to see if we can break though, or if we are coming back down.
Looks like a double top. Target is: The distance from support break to peak can be subtracted from the support break for a price target.