The uptrend is being rejected and today XCP/BTC broke, and currently trading above the 50 Moving Average once again. Nevertheless, before confirming the uptrend, Counterparty must break all the upcoming resistance levels.
First is at 88.6% level at BTC 0.00186, which has been previously broken from above. Second resistance has been already formed on 3rd of March as is based at BTC 0.00214. And final resistance is at 76.4% Fibonacci, that is BTC 0.00255.
Daily break and close above the final resistance should confirm trend reversal, but before that, any upwards move should be considered as a correction.
On a downside, break and close below the uptrend should invalidate short term outlook and extend the consolidation, potentially sending XCP/BTC down to psychological support at BTC 0.001
Bottom Line - If XCP break out it will highly likely maximum only reach 0.003 BTC and it still has to go for another 140 days before that breakout will occur.