Bitcoin Cash Price Analysis: BCH/USD bears in control as buyers scamper to protect the $300-level

• BCH/USD fell from $348.25 to $324.85 this Thursday.
• Both the MACD indicator and Elliott Oscillator indicate bearish market sentiment.

BCH/USD daily chart

BCH/USD is on course of charting two heavily bearish days in a row. While the price dropped from $348.25 to $324.85 this Thursday, it has taken a further beating and fallen further to $310.50 so far this Friday. The last two sessions have also seen the price go below the triangle formation. The bulls will need to protect the $300-line to make sure that the price doesn’t fall below that critical psychological level.

On the downside, you can see that the MACD indicator has had a bearish session following 42 straight bullish sessions, while the Elliott Oscillator has had six consecutive red sessions. Furthermore, the RSI indicator has dipped from the edge of the overbought zone and is sinking towards the neutral territory. All these indicators confirm that the market is currently in the middle of a strong bearish correction.