Counterparty has established a clear downtrend throughout the last month. It consistently moved down from BTC 0.005 to 0.0015 loosing over 70% of its’ value against Bitcoin.
This tendency doesn’t seem to stop as it broke below the 272.2% Fibonacci support and currently trading below it. All attempts to break above the downtrend trendline failed and at this point, the downtrend is likely to continue.
Break below the most recent low at BTC 0.0014 could be the entry point for those who decide to move with the trend, targeting next Fibonacci support at 327.2% level – BTC 0.0007.
Only a strong break above BTC 0.002 would be able to have some effect on XCP/BTC pair, potentially changing the direction from down to up.