The Hash Ribbons indicator generated a BUY signal for BTC and the monthly TF.
We just received a notification regarding the closing of the July candle. And we will promptly inform you 👌
Total:
- On July 24, a signal was given on the daytime timeframe,
- On July 29, a signal was given on the weekly TF,
- today, August 1, a signal was given on the monthly TF. On the monthly timeframe, the signal has appeared seven times since 2017, including the current one. The last time was in January 2023. That is, at the very beginning of the current bull market.
Bears must be creepy 😁
True, the consolidation period in 2019-2020 suggests that only growth after this signal is not a dogma, even with a monthly time frame. There were trades and even long squeezes on history. But then - growth. For example, after a signal in December 2019 with a candle closing at $7,195, then in March 2020 there was a squeeze to $3,782 on the “corona” dump. And two more signals were needed before the start of the bull run in October 2020.
Let's repeat the theory. Hash Ribbons is an indicator by crypto analyst Charles Edwards. This is a pair of moving averages of the#Bitcoinnetwork hashrate and mining difficulty, which may indicate the time of capitulation of miners and their inability to do business in the black.
The green signal (dot) and the blue dot with the word BUY on the indicator both signal potentially favorable moments to buy #BTC, but represent different stages of the process associated with hashrate and miner capitulation.
- Green dot: An early indicator that the capitulation of miners has ended and the hashrate has begun to recover.
- Blue dot labeled BUY: A confirmed buy signal indicating a sustained improvement in the market and confirmation of favorable conditions for entering a position.
This time, the appearance of the green dot was accelerated on both the weekly and monthly timeframes.
