The Hash Ribbon is a market indicator that assumes that Bitcoin tends to reach a bottom when miners capitulate, i.e. when Bitcoin becomes too expensive to mine relative to the cost of mining. The Hash Ribbon indicates that the worst of the miner capitulation is over when the 30d MA of the hash rate crosses above the 60d MA (switch from light red to dark red areas). Times when this occurs and the price momentum switches from negative to positive have shown to be good buying opportunities (switch from dark red to white). The Hash Ribbon was created by Charles Edwards. For more information read his introductory article.
