Hash ribbons have just formed a death cross which has been a leading indicator for Bitcoin miner capitulation in previous cycles.
Hash Ribbon indicators use simple daily moving averages to identify changes in hash rate trends. They are often used as a long-term signal to indicate macro bottoms on the Bitcoin price chart.
A bearish cross is a signal of a strengthening downtrend which, in this instance, spells a reversal in hash rates which are still near their peak levels.
There it is. Hash Ribbon miner capitulation confirmed. Triggered by the $10B FTX fraud and subsequent collapse, Bitcoin miners are now going bust and Hash Rate is trending down. pic.twitter.com/TorX7PzrNu
— Charles Edwards (@caprioleio) November 28, 2022
The Tale of Hash Ribbons
The signal was also observed by industry analyst Will Clemente who said, “we are potentially entering into a double dip miner capitulatory period,” before adding:
“Hash ribbons have just initiated a bearish cross, historically this ha
We współpracy z: https://cryptopotato.com/hash-ribbon-reversal-confirms-bitcoin-miner-capitulation-phase/
