Welcome to the first episode of NewsBTC’s all-new daily technical analysis videos. In the first episode, we are looking at Bitcoin price action using the weekly BTCUSD price chart. Specifically, this episode looks at Bitcoin’s “most profitable buy signal” in its entire history: the hash ribbons. In addition, we analyze weekly momentum using the logarithmic MACD to try to understand if a bottom could be in. Take a look at the video below. VIDEO: Bitcoin Price Analysis (BTCUSD): August 22, 2022 All About The Hash Ribbons The Hash Ribbons were created by Bitcoin analyst Charles Edwards. They are a pair of moving averages based on the Bitcoin hash rate and mining difficulty, and signal when miners are capitulating. When this phase ends, a buy signal is issued. In fact, its buy signal has been called Bitcoin’s most profitable buy signal producing several thousand percent ROI on average each time it triggers. The signal is even more profitable when it appears prior to a Bitcoin halving The hash ribbons have triggered a buy signal | Source: BTCUSD on TradingView.com With the hash ribbons buy signal on the daily, weekly timeframes become more interesting in anticipation of a possible bottom. Although a bottom could be in already, the market has historically continued to draw down even after the hash ribbons buy signal. Related Reading: The Most Profitable Buy Signal In Bitcoin Just Triggered Measuri...
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