Hash Ribbon – According to Charles Edwards’ statistics on the swings in Bitcoin (BTC) hashrate, the firm he founded, Capriole Investments, may have reached the zenith of miners’ pessimism.
Mr. Edwards announced on Twitter that the largest cryptocurrency publishes bullish signals on Hash Ribbon, a measure of miners’ attitude for Bitcoin (BTC).
He claimed that the time when worried miners were turning off their mining equipment and capitulating was over. The market suffered greatly from this surrender, which was just two days shorter than the one that drove the price of bitcoin to $3,100 during the 2018 Crypto Winter.
When miners capitulated, Bitcoin (BTC) historically reached its lowest points. Additionally, the most trustworthy bullish signals are produced by capitulations that occur during the second halves of Bitcoin (BTC) mining cycles. The second phase of this cycle began on May 10, 2022, making Charles Edwards’ prediction incredibly optimistic.
Charles Edwards created the hash ribbon indicator in 2019. He explained the idea behind this indicator in his essay, “Hash Ribbons & Bitcoin Bottoms.” This indicator is based on the relationship between the 30- and 60-day moving averages (MAs) of the net hashrate, or total number of hashes calculated by all Bitcoin (BTC) network miners, of the cryptocurrency.
Analysts predict miners’ capitulation when 30 DMA falls below 60 DMA; the opposite situation occurs after the capitulation is over. When the price increases and the 30 DMA jumps over the 60 DMA, a reliable bullish signal is registered.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
Italy's securities regulator, Consob, expands its crackdown on unauthorized trading websites, including crypto.
Crypto ETF collateral, specifically Bitcoin, will no longer carry collateral value for loans, subject to…
Starting April 30, 2024, the DTCC will assign zero collateral value to ETFs or investments…
Franklin Ethereum ETF's availability for creation/redemption signifies market access while the SEC decision is pending.
Phoenix Wallet US will be removed from app stores on May 3, 2024. Users should…
Yuga Labs reconstruction takes place for Otherside metaverse focus, involving layoffs and spin-offs.
This website uses cookies.