Bitcoin Cash setting up for a potential move

٦ مايو ٢٠١٩

This is still potentially a bit early as price is resting under the .051 area which seems to be an important resistance and support area , but BCH has held up pretty well. It is still fighting with the .051 area. It has had a few spikes through, but fallen back below each time. Although it is currently under this area, I think there is the potential this can go either way. Each time it has fallen after spiking through, it has made a higher low. This could be a sign support is getting stronger, and a move up could be coming. The more times price tests .051 resistance the more likely it is to break it, so I would continue to watch .051, as if price can regain and hold this level there is the potential early signal of a change out of the current downtrend and a larger move to the upside. Neutral for now, but if it can pop above that level again and hold and find support on top that would be bullish . However if .051 continues to act as resistance it is bearish . If it does begin to fall back I would watch to see if it can hold above the most recent spike lows it made around .047 area. Breaking below them would not be a good sign. For resistance continue to watch .051 and above that .053-.054.