Today I bring you this analysis of the Hash Ribbons indicator that is about to give us your buy signal.
Let's see
Hash Ribbons
This indicator indicates the end of the mining capitulation, and a good time to buy, according to this indicator, with the bullish crossing of the 30-day line to the 60-day line.
What does the price of Bitcoin have to do with the Hash Rate Indicator and the Hash Ribbons indicator?
In recent weeks we saw a mining capitulation (Hash Ribbons indicator) in which the miners sold more bitcoin than they produced and that if it had not been absorbed by the market, it would have pushed back the price of bitcoin
We also saw with the days that the price did not go back for this oversold. Well now we know that the Grayscale Investments group was massively buying Bitcoin before and after Halving
Keys seen in the previous publication
- The massive purchases of Bitcoin by groups of investors - have pressured the price increase
- The latest mining capitulation is not causing significant drops in the price of Bitcoin
- Bitcoin price continues above bullish trend line
- The amount of Bitcoin sold by miners is less than that produced (this can cause upward pressure).
As we have already seen, the Hash Ribbons indicator is based on average lines of 30 and 60 days of the Hash Rate indicator. Therefore, a bullish momentum in the Hash Rate is reflected in the subsequent days in the Hash Ribbons indicator.
Analyzing the graph we see that the price has lateralized but the increase in the Hash Rate causes the 30-day average to rise and in the next few days if the price of Bitcoin does not fall, it would give the indication of purchase, when the lines cross socks.
What do you think will lower the price of Bitcoin and will we continue in the mining capitulation or will the Hash Ribbons give its purchase indication?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
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