Hash Ribbon shows us that we are in critical zones for miner capitulation

Hash-Ribbon-shows-us-that-we-are-in-critical-zones-for-miner-capitulation

Hash Ribbon identifies zones where miners are not in a easy and relaxed profitable situation. These zones can occur when the price of BTC is at lows most of the time, and would be presenting  an opportunity to buy the dip after it happens.

- 30DMA(yellow) drops below 60DMA(red): hash rate declines and miners capitulating.
- 30DMA(yellow) moves back above 60DMA(red):  miner capitulation ending.
- 30DMA(yellow) moving back above 60DMA(red) and price increasing: buying opportunity zone.

Even I think, most miners are still in profitable situation. Especially the new ones could be fighting with inflationary environment. Also NY state miners banning bill has passed and this can increase the level of nervousness. This news still has way to go so it is not final decision yet. This bill still could be reversed.

Just keep an eye on this indicator for future news and price action.