Hash Ribbons Indicator Flashes Blue: Bitcoin Price Could Surge
For the second time in 2023, the blue “Buy” signal on the Hash Ribbons indicator has flashed, indicating a potential surge in the Bitcoin price. Here are the key points:
- The Hash Ribbons indicator is based on the hash rate, representing the computing power of BTC miners.
- The blue signal suggests that the bottom of the Bitcoin price before the signal is a macro bottom of the market.
- Previously, the price of BTC increased by 27% after the signal appeared.
- The low volatility of BTC, indicated by the Bollinger Band Width Percentile, further enhances the possibility of a big move in the cryptocurrency market.
- Support and resistance levels indicate that BTC could reach $37,300 if the upward move continues.
The blue “Buy” signal on the Hash Ribbons indicator and the low volatility of BTC suggest the potential for a significant surge in the Bitcoin price. While there is a chance of a downward move, the target of $37,300 seems to be in play. However, historical analysis shows that the indicator has been wrong in the past.
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