Definition. Hash Ribbon is a miner-capitulation indicator built from the 30-day and 60-day moving averages of network hash rate, on the assumption that Bitcoin tends to reach a bottom when miners capitulate, i.e. when mining becomes too expensive relative to revenue.

Technical. The worst of the miner capitulation is read as over when the 30-day MA of hash rate crosses above the 60-day MA (switch from light red to dark red areas in the chart). Times when this occurs and price momentum switches from negative to positive have shown to be good buying opportunities (switch from dark red to white).

Notes. Created by Charles Edwards. For more information, see his introductory article.