Bitcoin Head and Shoulders dip to $60,500

BTCUSDT has created a classic Head & Shoulders pattern on the daily timeframe. If it confirms below the neckline, we could see a pullback to $60,500 - the same distance from the peak of the Head to the neckline from the breakdown.

This is not actionable until it confirms, when a candle closes lower than the first candle closing below the breakdown.

Given the institutional interest and price manipulation, this could be turned around by market makers, so I won't be entering a short, or exiting my spot positions, until I see confirmation on the daily timeframe.

However, I could also see those who manipulate the markets wanting a lower entry for large amounts of institutional capital - so the price could likely be manipulated either way. What the chart tells us is this is a big bearish signal to be monitored.

There is also a Bearish Divergence on the RSI, which isn't actionable by itself, but does add a layer of confluence.