Sunday August 21, 2022 ▪ 8:00 am ▪
min read – with
This week is marked by a decline in the cryptocurrency market. From time to time, bitcoin, like other altcoins, has fallen significantly, to the point of causing losses exceeding the $600 million mark. But the day also saw signs that bitcoin’s dark days were over. Analysts on a chain indeed see the accumulation of gains in perspective on the basis of the hash ribbon.
The Magic of Hash Ribbons
Very early in the afternoon, Bitcoin Archive announced on Twitter news that will raise the heads of traders who are disgusted by the course of recent events. Here is the content of his tweet:
” The Hash Ribbon gives another buy signal!
This has been a very accurate indicator in the past, signaling big gains ahead for #Bitcoin.
Follow @caprioleio – he created this indicator »
Posts that earned analyst comments on a chain Luke Wydrawho already indicated the same buy signal on his own account.
The buy signal for the hash ribbons on the #Bitcoin #BTC chart has just flashed.
Historically, this is one of the best medium and long-term buying indicators. I’m waiting for it to be confirmed at the end of the day, because it could still be wrong. »
” I’m also looking forward to the weekly closing, which we’ll talk about on Monday. If the Chopped Ribbons buy signal is confirmed by then, I will talk about it much more extensively, relating to the current chart structure.
Stay tuned! »
A bull run in perspective ?
Bitcoin hash tapes present themselves as a tool used in the past. Also note that there is the Difficulty Ribbon, another bitcoin trading tool at your disposal.
Last year, TechPages highlighted the effectiveness of the hash tape in an article where it talked about the proven results. The IS Hash ribbons a moving average composed of the bitcoin hash rate and the mining difficulty. When this step is taken, the so-called “weak” miners capitalize and start selling their coins. It will be the duty of the strong miners to come into force at times. And it is this bullish sign that encourages purchases, and thus a return on investment of up to 5,000%.
Case in point: when bitcoin was trading at $1,200, the final sign was in favor of a 5,000% return on investment. This allowed the queen of cryptocurrencies to reach 20,000 dollars, and put in the spotlight.
However, if the price of bitcoin is $30,000, this 5,000% return will push it to a value of $1 million per coin. If it is 500%, it can be revalued to a base of $150,000.
In short, the Hash Rubbon the sentiment of the investors just mentioned by the analysts will certainly increase. So, while waiting for their confirmation, it is better to keep them calm. And don’t rush into decision making.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.