Hash Ribbons
Price overlap:
Scale:
Halvings markers:
Title: Hash Ribbons analyze Bitcoin's hash rate moving averages, based on mining activity and network health.
Explanation: Hash Ribbons are the 30-day and 60-day moving averages of the total network's estimated hash rate. They indicate whether the short-term trend of the hash rate is up or down. Normally, the hash rate increases over time, with the faster 30-day moving average above the slower 60-day moving average. When the faster one crosses below the slower one, it indicates a difficult time for miners, usually occurring after halvings when their revenue is suddenly cut in half. When the faster moving average crosses above the slower one again, it indicates a rebound of the hash rate, which is normally correlated with a positive move in the price of Bitcoin.
Shown in the chart: Bitcoin price, 30-day and 60-day moving averages of the total hash rate, and periods where the faster moving average is below the slower one, highlighted in pink.
Source: Hash Ribbons were created by Charles Edwards (@caprioleio on twitter) and first introduced in this article.
Usage: To zoom in, click and drag the mouse. To pan, hold "shift" while dragging the mouse. To reset the zoom, double-click. You can also use the buttons below the chart to hide or show the Bitcoin price, change the scale between logarithmic and linear, and hide or show the halving bars.
Explanation: Hash Ribbons are the 30-day and 60-day moving averages of the total network's estimated hash rate. They indicate whether the short-term trend of the hash rate is up or down. Normally, the hash rate increases over time, with the faster 30-day moving average above the slower 60-day moving average. When the faster one crosses below the slower one, it indicates a difficult time for miners, usually occurring after halvings when their revenue is suddenly cut in half. When the faster moving average crosses above the slower one again, it indicates a rebound of the hash rate, which is normally correlated with a positive move in the price of Bitcoin.
Shown in the chart: Bitcoin price, 30-day and 60-day moving averages of the total hash rate, and periods where the faster moving average is below the slower one, highlighted in pink.
Source: Hash Ribbons were created by Charles Edwards (@caprioleio on twitter) and first introduced in this article.
Usage: To zoom in, click and drag the mouse. To pan, hold "shift" while dragging the mouse. To reset the zoom, double-click. You can also use the buttons below the chart to hide or show the Bitcoin price, change the scale between logarithmic and linear, and hide or show the halving bars.