Hash Ribbons
30d / 60d hash MACharles Edwards' miner-capitulation indicator. When the 30-day hash-rate average crosses below the 60-day, weak miners are unplugging. The recovery cross (30d back above 60d) is the historical buy signal — it has marked most BTC cycle bottoms since 2013.
Loading hash rate history…
How to trade it: the buy signal is NOT the start of capitulation — it's the recovery cross AFTER capitulation (30d MA flips back above 60d MA). Historically that has been within a few weeks of the cycle low. False signals exist (2018-09, 2019-12). Best paired with the Puell Multiple and MVRV-Z on /onchain. Source: blockchain.info hash-rate chart, daily resolution.