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Great example how news, macro, rumors, tweets can affect the price more than any of top "fundamenta" indicator!
Bitcoin Hash Ribbons Metric Gives yesterday Buy Signal for Bitcoin for Third Time in a Year
The indicator is built on the basis of two moving averages (SMA) of the Bitcoin network hashrate: 30-day SMA and 60-day SMA.
💡 When the 30-day SMA crosses below the 60-day SMA, it indicates a capitulation of miners - a period when mining becomes economically unprofitable and some miners turn off their equipment. A crossover of the 30-day SMA from below signals the end of capitulation and the possible beginning of a market recovery.
And thats why we saw dump 6000 on btc) On a distance yes i still think we will see another new all time high! But its a example how we should work with analysis in a complex! Especially not work only with 2 SMA lines for investment decisions)
