GXShares recently found the bottom at 3400 satoshis, that is 78.6% Fibonacci retracement level. It has been rejected cleanly, not to mention that price bounce off the same support back on the 8th of April.

After support rejection GXS/BTC went sharply up, broke above the descending channel and then above the 200 Moving Average. Overall the short term trend is now bullish and price is likely to increase further.

The nearest support is seen at 61.8% Fibs, that is 4850 satoshis resistance, corresponding with the broken uptrend trendline. This could be the key resistance level for GXS, and only break and close above could send price higher.

But if the resistance is rejected, the downtrend might continue, sending price down to 3400 or even 2780 satoshis support level.