Bitcoin hash ribbon buy signal
Bitcoin is about to flash a buy signal tomorrow from the hash ribbons indicator. This shows miner capitulation is over and hash rate is on the rise again.
This signal does not occur often but when it does there are usually nice rallies.
I would expect Bitcoin to make one last push here this year blowing away its all time high then crashing hard near the end of the year. Near the end of the year I think the FED will get more serious about slowing asset price rises for a little while which will cause dollar priced assets to fall.
My timeframe is for the high to be made between mid October and mid December. I am looking for a high in the 240,000-280,000 range.
Dips should be bought until proven otherwise.
Resistance at 50500, 65000, 107000, 173000, 280000.
support at 41300, 37100, 35300, 31800, 29000.
This signal does not occur often but when it does there are usually nice rallies.
I would expect Bitcoin to make one last push here this year blowing away its all time high then crashing hard near the end of the year. Near the end of the year I think the FED will get more serious about slowing asset price rises for a little while which will cause dollar priced assets to fall.
My timeframe is for the high to be made between mid October and mid December. I am looking for a high in the 240,000-280,000 range.
Dips should be bought until proven otherwise.
Resistance at 50500, 65000, 107000, 173000, 280000.
support at 41300, 37100, 35300, 31800, 29000.
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