BTC: HASH RIBBON GIVES BUY SIGNAL!!
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WHAT IS HASH RIBBON?
The Hash Ribbon is a technical analysis tool used in Bitcoin trading. It's based on the idea that Bitcoin's price often bottoms out when miners capitulate, meaning they can no longer profitably mine Bitcoin due to increased difficulty and decreased price.
How Does it Work?
Hash Rate: This measures the total computing power used by miners on the Bitcoin network.
Moving Averages: The Hash Ribbon uses two simple moving averages (SMAs) of the hash rate: a 30-day SMA and a 60-day SMA.
Signal Generation: When the 30-day SMA crosses below the 60-day SMA, it suggests miners are struggling. This is often interpreted as a potential bottom for Bitcoin's price.
Conversely, when the 30-day SMA crosses above the 60-day SMA, it could indicate the end of miner capitulation and a potential start of a bullish trend.
Hash RIbbon is one of the most reliable indicators out there of Bitcoin and it's available free on @TradingView.
Works best whenever it gives a 'BUY' signal. Never disappoint. Check Yourself.
Now it again gives a BUY signal so there is a high chance that we will see a new bullish rally from here.
What are your thoughts on BTC's current price action and on Hash Ribbon? Share your analysis in the comments below!
If you enjoy this analysis, a thumbs up and follow would be greatly appreciated!
WHAT IS HASH RIBBON?
The Hash Ribbon is a technical analysis tool used in Bitcoin trading. It's based on the idea that Bitcoin's price often bottoms out when miners capitulate, meaning they can no longer profitably mine Bitcoin due to increased difficulty and decreased price.
How Does it Work?
Hash Rate: This measures the total computing power used by miners on the Bitcoin network.
Moving Averages: The Hash Ribbon uses two simple moving averages (SMAs) of the hash rate: a 30-day SMA and a 60-day SMA.
Signal Generation: When the 30-day SMA crosses below the 60-day SMA, it suggests miners are struggling. This is often interpreted as a potential bottom for Bitcoin's price.
Conversely, when the 30-day SMA crosses above the 60-day SMA, it could indicate the end of miner capitulation and a potential start of a bullish trend.
Hash RIbbon is one of the most reliable indicators out there of Bitcoin and it's available free on @TradingView.
Works best whenever it gives a 'BUY' signal. Never disappoint. Check Yourself.
Now it again gives a BUY signal so there is a high chance that we will see a new bullish rally from here.
What are your thoughts on BTC's current price action and on Hash Ribbon? Share your analysis in the comments below!
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