Bitcoin Price Technical Analysis for 6/5/2015 – Potential Shoulder

We saw bitcoin start the week with a double top after failing to push above 243. The base of this price top was at 239 and we saw a breakout on Monday. After hanging around 239, we saw price fall lower during the Tuesday, May 5th session until btcusd found support at 231.
The 1H chart shows a market that has turned from bullish to at least sideways if not bearish. The bearish outlook is based on the fact that the double top was respected, and that the 1H RSI tagged 30, which shows initiation of bearish momentum. However, price is still above a previous support pivot around 231, and is above the 200-hour SMA.

This post was published at NewsBTC on May 6, 2015.