Bitcoin

The Bitcoin Hash Ribbons has just signalled again. Is this yet another infallible buy signal for this indicator? Price action about to change? 
All quiet on the Bitcoin front as the apex cryptocurrency continues to follow a meandering, slightly boring and predictable sideways trajectory between the $29,000 to $30,000 range. 
However, momentum is perhaps just starting to bubble up underneath Bitcoin’s wanderings as one of the most successful and trusted indicators has suddenly sprung into life - flashing a buy signal that was last seen at the beginning of the year, after which Bitcoin started to thrust its way out of the last bear market. The Bitcoin hash rate 
The Bitcoin hash rate is the amount of computing power that Bitcoin miners contribute to the network. The hash rate goes up when more miners are competing for blocks. On the flip side, when the price drops, or does not go up for a long period of time, miner capitulation happens, meaning that mining is no longer profitable, and miners take their machines offline. 
Even though the Hash Ribbons are a lagging indicator, on the higher time frame they are a very reliable sign that a bottom or a dip in the Bitcoin price has been reached. 
Given that Bitcoin is at a rather crucial point in what is seen by some as just a bear market rally, and by others as the initial phase of the new bull market, this signal will perhaps tip the argument more in the favour of the latter exponents. A perilous financial time 
A backdrop of dire economic warnings make for an incredibly interesting time for Bitcoin. The traditional monetary and banking system is on the edge of a cliff of financial oblivion, and should it go over this cliff, most financial assets might be expected to go with it. 
There are analysts who say that Bitcoin is a risk asset, and so would be expected to be one of the first to feel the pain of a financial meltdown. However, others would say that Bitcoin was created precisely for such an extreme scenario, and given that it is outside of the traditional financial system, many investors would see it as a liferaft to which they could transfer their wealth. 
It is certainly hoped that financial armageddon can be avoided, but given the way that governments and central banks have handled world economies, things are looking extremely perilous.&nbsp; 
It can be argued that the fiat currency experiment has reached the bitter end. All those still hoarding currency in the bank are doing so naively, probably unaware that their purchasing power is diminishing rapidly, and that they run the risk of being ‘bailed in’ should the bank fail.&nbsp; 
Bitcoin is a sovereign store of wealth that is scarce, predictable, and the most secure computing system on the planet. Those looking to save themselves in the perilous time to come would do well to investigate Bitcoin’s properties.&nbsp; 
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Thus far Infallible bitcoin signal just flashed

Crypto Daily™

2023年8月14日公開の他の記事

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