Right, time to crush some bullish dreams

So you know how we get miner capitulation talk after every single +20% dump in Bitcoin land?

Well, funnily enough I haven´t seen a single post mentioning this which is really strange BUT..

... the hash ribbons actually say miner capitulation is happening as we speak

While you can get a sell signal on these ribbons during bull markets as well, on those setups the MAs aren´t strongly diverging; if they are we get a 2018 type death drop

We have the same setup now

Update on the ribbons:

divergence has been gradually decreasing for the last week but as long as the green line is below the white the danger remains

Things change only if we get a buy signal on the ribbons; if we do, it would be a very bullish sign (historically speaking)

We got the buy signal! While for the mid - long term this doesn´t neccesarily change anything as we have so far always had another capitulation signal after the halving (and a 30% drop after it in July of 2016) this does confirm the bullish case for the short term

on 8.5 to 9k