Re: Bitcoin Miner Capitulation & Hash Ribbons Indicator
I am not an expert on reading charts, but on the chart in the opening post it looks like the market collapse is yet to come. I think the risk is still in the air and rising up hashrate does not calm me down at all. I think I won't be calm until about mid-February.
To be fair, for now, the miner capitulation appears to of been averted, instead it seems there was only minor capitulation
FYI, after studying the source code of the indicator, it's clear that one requirement of the buy signal is bullish price movement, hence no buy signal from this indicator yet.
I tested this by using the indicator on a Gold chart (on the Daily and Weekly as an experiment), that has had a recent upwards move in price, which signaled a buy on both charts. Hence if Bitcoin's price were to break upwards, it's confirmed that there would be a buy signal (as long as hash rate holds up as well). Obviously this could come from lower lows, but it's worth paying attention to imo, as this would be the first buy signal since $3,635 on January 11th 2019.
Hence, OP updated from bearish scenario to bullish setup.