#Write2Earn $BTC The price of #BTCUSD is heavily influenced by supply and demand in the market, as well as other factors such as news, regulations, and technology. One factor that will have a big influence on the price of Bitcoin is halving, which is the process of reducing the amount of Bitcoin given to miners every 10 minutes. Halving occurs once every four years, and is expected to occur again in May 2024.
Halving is considered a bullish event (pushing prices up) for #btcusd because it reduces the amount of Bitcoin circulating in the market. However, before the halving occurs, there is a possibility that Bitcoin prices will fall first, due to selling pressure from miners who want to get maximum profits before their income decreases.
How do we analyze and predict Bitcoin price movements? We use several tools, namely charts, Smart Indicator Analysis, and Smart Indicator Dashboard. Let's see one by one.
Chart
We can see above, one of the tools we use in charts is Fibonacci retracement, which is a tool that measures how far the price moves back (retrace) after making a big movement (impulse). Fibonacci retracement has several levels, namely 0.236, 0.382, 0.5, 0.618, and 0.786. These levels often become areas of support (holding prices down) or resistance (holding prices up) for prices.
As you can see in the chart above, BTCUSD was rejected at the 0.618 Fibonacci level. This indicates that the price is unable to continue its increase, and is likely to reverse direction. We predict that BTCUSDT will retest the 0.382 support level in the price range of $36000 - $33000 in the pre-halving period
Smart Indicator Analysis
Smart Analysis Indicator is a tool that we created ourselves to help us analyze Bitcoin price movements more accurately and easily. Smart Indicator Analysis gives us buy or sell signals based on the condition of these indicators.