It's possible and price has broken down below their lower trend line.  The next few weeks will be very telling to the direction the trend wants to take.  

I think it is definitely worth noting that the last spike in price coincided with the highest weekly exchange volume in bitcoin history... double the previous record... mainly China.  Over 6 million coins were traded (almost half of the entire coins in circulation) compared to the previous record of just over 3 million in November 2013.  That is extremely bullish.  http://data.bitcoinity.org/markets/volume/5y?c=e&r=week&t=a&volume_unit=btc