Counterparty rejecting long-term trendline

At the beginning of April Counterparty rejected the long-term uptrend trendline. The price went up from $10 to $23, after which another corrective wave down followed. At the end of May, Counterparty rejected the long term uptrend trendline once again suggesting yet anther wave up.

The resistance is seen at $31, which is confirmed by two Fibonacci retracement levels. First is 161.8% Fibs applied to the current corrective wave down, where the trendline 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 resistance level, 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 bearish intentions, price has to break and close below $9.5 level. In this case Counterparty could continue moving lower, or extend the consolidation period.