Hash Ribbon Indicator on Bitcoin just gave Capitulation Signal

Hey,

Hash Ribbon is an Indicator which has given very perfect buying/capitulation indications in the history of Bitcoin. It has just given Capitulation Signal today.

Hash ribbons take the 30-day and 60-day moving average of the Bitcoin hash rate, which is used to determine when sufficient miner capitulation has occurred.

Whole Blog from NASDAQ on Hash Ribbon - https://www.nasdaq.com/articles/bitcoin-mining-hash-ribbons-as-a-market-indicator

We are currently in the same phase as of 2018 and when Capitulation hit BTC in 2018, it went down 50%. In May 2021, it went down almost 50% after Capitulation signal.

Similarly, today we see a Capitulation alert on BTC chart. Let's see how it will end up.

https://s3.tradingview.com/snapshots/e/eafZA5ep.png