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  • Bitcoin Cash resumes the uptrend towards $250 short term resistance but eyes stay on $278 supply zone.
  • The improving technical suggests that Bitcoin Cash will hold on to the accrued gains above $240.

Bitcoin Cash is slightly in the green and holding on to the 0.37% gains accrued since the trading session started on Wednesday. The crypto market also reacted in tandem with Bitcoin Cash. However, a mixture of red and green can be spotted on the cryptocurrencies rates table.

The losses experienced since Friday last week sort refuge above $230. Several other support areas were shuttered including $280, $260 and $240. An ongoing correction has pushed BCH above $240. Meanwhile, the price is exchanging hands at $242 above a short term ascending channel.

The technical picture is improving significantly mid-through this week’s trading. The MACD is aiming for a positive zone. At the same time, the bullish cross signifies the traction the buyers are gaining against the sellers. The RSI in the same 1-hour range is lethargic at 50 and shows that a further correction possibly towards 50 will stalls in the coming sessions.

BCH/USD 1-hour chart