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and for the lower time frame shangenians: it looks like a bullish retest, chill out.
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The Bitcoin Hash Ribbons indicator aims to detect instances where Bitcoin miners face difficulties and might be on the verge of capitulation. It operates under the assumption that such circumstances often coincide with significant price lows for BTC, potentially offering an opportune moment to capitalize on price dips. Miners play a crucial role in safeguarding the Bitcoin network and facilitating transactions. Following periods of rapid price escalation followed by sharp retractions, some miners may find it financially challenging to sustain operations in the short run, leading them to power down their mining rigs. As Charles Edwards, the creator of this indicator, emphasizes in his article "Hash Ribbons & Bitcoin Bottoms," the moment miners throw in the towel could signal an unprecedented buying opportunity for Bitcoin. The indicator doesn't aim to pinpoint the precise bottom in price. Instead, it highlights periods when mining activity dwindles due to adverse market conditions, resulting in declines in hash rates. Such instances often coincide with broader market bottoms for Bitcoin. For strategic, long-term Bitcoin investors, these periods may present favorable opportunities to accumulate Bitcoin and seize buying opportunities.
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I am still bored by this chop, so here's another lower time frame chart update; > Need to hold the 0.25 break out for continuation > If we fail to hold it and slide below, I expect the lows to be taken. Another reclaim of the range low would be a great long trigger. $BTC $ETH
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