The price has already broken through the descending trendline and is now heading directly toward the key resistance level of $280. If the price can successfully break through here, the subsequent market action will become quite promising.

Once $280 is effectively broken through and a retest can convert this level from resistance to support, there will be an opportunity to challenge the previous macro low of $330, and there's even potential to open up further space for an uptrend pushing toward $400.

However, if the price subsequently fails to reclaim and hold above $330, this rally will likely only form a new lower low structure, and the market could very well weaken again, with prices potentially falling back to the key support zone below.