The indicator of the Bitcoin Hash Rate is marking us if we compare it with the Hash Ribbons
What is the Indador Hash Ribbons?
The Hash Ribbon indicator has reflected the mining capitulations that have occurred in Bitcoin indicating good Bitcoin purchase points
Today we will compare this indicator with the Bitcoin hash rate has regressed and it could already be marking a possible mining capitulation in the coming days. Why?
Let's see
graphic source: https://www.blockchain.com/en/charts/hash-rate
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A little knowledge before
After the Negative Difficulty Adjustment, there have been drops in the price of Bitcoin in the history of Bitcoin.
As we saw in the previous post, the generally negative adjustments in the difficulty of bitcoin have caused a drop in the price of bitcoin in the following days. Why? We must first see that the difficulty of Bitcoin
Bitcoin difficulty
Bitcoin’s difficulty is designed to adjust every 2016 blocks - or approximately every two weeks. This adjustment is based on changes in the network’s hashrate, and occurs regularly in an attempt to ensure that the network continues to solve new blocks at a rate of one every 10 minutes.
If the hashrate during the past two weeks has gone up, the difficulty will go up as well, making mining more challenging. If the hashrate has dropped, the difficulty level will decrease, making blocks easier to solve.
When there are significant negative changes in network difficulty, it indicates that the bearish cycle may be about to start
Why does the bearish cycle occur as a result of a decrease in hash difficulty?
This was analyzed in the previous post I leave you the link
Bitcoin (BTC / USD) Price correction? - ONE DAY - Difficulty adjustment
Graphics source:https://btc.com/stats/diff
Current situation
As we see in the graph, the decrease in the hash was -6% was relevant, it could indicate the beginning of a new post-halving mining capitulation
Let's see the Hash Rate Graph
Price corrections are not immediate, sometimes occurring days after a significant decrease in the hash
Hash Ribons chart
If we compare the graphs we have to take into account
The Hash Ribons Graph are average lines of the hash rate of the 30 and 60 days, which means that they reflect the movement after it occurs.
The hash rate graph is on a weekly average
If we compare the graphs at levels of 108HR Th / s, which is the value of the 60-day average line of Hash Ribons, we see that the graph of the hash rate is already marking the future mining capitulation that if stable prices should remain in the next days or weeks depending on the value of Bitcoin.
Bitcoin price could go back and anticipate mining capitulation or rise and avoid it
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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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