March 28, 2024

The BTC indicator that predicted the 2020 race again gives a signal to buy

The BTC indicator that predicted the 2020 race again gives a signal to buy

The Hash Ribbons indicator again shows a buy signal for the first time in five months.

Bitcoin price indicator,which predicted a bullish race in August, again began to show signals to buy.According to the creator of the indicator Charles Edwards, the current market and bull race this year have a lot in common.

Blue dot on Hash Ribbons

Edwards has published a new bitcoin chart, which he says demonstratesapproaching the bull race.

The BTC indicator that predicted the 2020 race again gives a signal to buy

Hash Ribbons is based on the behavior of the Bitcoin hashrate, its main task – predict the beginning of a bullish rally in the market. 

In theory, when miners turn off installations due toevents such as sharp price corrections of several thousand, the network hash rate drops. However, due to automatic adjustments to the difficulty of Bitcoin mining, the hash rate still continues to grow. 

The “blue dot” Hash ribbons appear when the 30-day hashrate value intersects with the 60-day hashrate, signaling the start of a recovery.

Raphael Schulz-Kraft, Head of Technical Department at Glassnode wrote:

Hash Ribbon issues a signal to buy.When hash-reitRecovering (30 day MA intersects with 60 day) and btC price momentum positive, Hash Ribbons gives outGreat moments to go.

Subscribe to ForkNews in Telegram to be the first to know the latest news from the world of cryptocurrencies

Based on materialscointelegraph.com