Bitcoin 2022/07/28 Analysis

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After FOMC Press Conference, Bitcoin BTCUSDT has seen a sharp rise. H1 candle rise lead to the forming of the Morning Star candlestick pattern, which could be the start of a new uptrend for BTCUSDT.


D1 Timeframe
  • Yesterday’s D1 candle was a large bullish bar, almost a bullish marubozu candlestick pattern because it opened near the bottom + closed near the top and has a wide range, thereby reflecting a strong buying force. High volume confirms a good buying force.
  • Considering the cluster of candlestick patterns created by the last 3 candles, we have a 3-candlestick pattern cluster named Morning Doji Star – including initially a bearish candle and then a Doji candle in the middle, and finally, a strong bullish candle. The Morning Star candlestick pattern reflects the reversal of a trend from going down to up. This is a strong Morning Star candlestick pattern because the last (latest) candlestick of the 3 candlesticks cluster has closed above the first bearish bar of the cluster. With this 3-candle pattern, it is possible that BTCUSDT at D1 is initiated for an uptrend.
  • The general chart structure at D1, BTCUSDT is still moving sideways in an accumulation zone, after the previous decline.


H4 Timeframe
  • There has been a trend change from bearish to bullish for BTCUSDT in the short term on H4, the bull run due to the influence of FOMC has pushed BTCUSDT above the previous peak. In terms of trend structure, BTCUSDT on H4 has turned to an uptrend.
  • Another factor in favor of the upside is the fact that the price broke the downward sloping channel – the bearish channel – and rose above it.
  • The factor to watch out for now is that BTCUSDT is starting to rise above the upper Keltner Channel boundary, which could be a sign of overbought – i.e. the price has risen too far too quickly, which could easily lead to an overbought situation. price retracement down before moving forward. Therefore, today we can wait for the short-term pullback of BTCUSDT to buy.


  • The cluster of Japanese candlestick patterns consisting of the last 3 candles has created the Morning Star candlestick pattern, which is biased towards a bullish reversal for BTCUSDT on D1.
  • On H4, BTCUSDT also created a bullish structure + broke the descending channel, but since there is an overbought signal, we can wait for a pullback to buy BTCUSDT in the short term.


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