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The Hashribbon indicator, which is used in the mining market, indicates the growth of Bitcoin (BTC) in the foreseeable future.
The bitcoin rate may grow in the near future. This is indicated by the intersection of the Hashribbon indicator by the cryptocurrency.
Hashribbon – an indicator that is used in the mining market. It also acts as a leading indicator in the spot cryptocurrency trading market. In June 2022, the first crossing of Bitcoin Hahribbon took place, with which the deep decline of the cryptocurrency began. Now BTC is crossing the indicator in the opposite direction. This means that in the near future, the BTC rate may head up.
Hashribbon reflects hashrate – Computing power – Bitcoin networks. When the hashrate is headed upwards, so does the Hashribbon. To build the indicator, two lines are used – short-term (30-day) and long-term (60-day) moving averages. When the long-term tape crosses the short-term one from top to bottom, it is considered a positive signal for the price of bitcoin.
The idea of the indicator is that miners are the most stable category in the crypto asset market. They are little prone to short-term fluctuations in the market. Therefore, a sharp change in the hashrate serves as an important signal for the growth or fall of a digital asset.
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