Hash Ribbons
Bitcoin
Hash Ribbons compares a fast and a slow moving average of network hashrate to mark the periods when miners are switching machines off.
Why it matters
It reads stress in the one group that must sell coins to cover costs, which is why miner behaviour leads rather than follows some price moves.
How it is built
The 30-day moving average of hashrate against the 60-day; the fast falling below the slow marks capitulation, and rising back above it marks recovery.
What to watch
The crossing that matters is the recovery, not the capitulation: hashrate turning back up has historically marked the point where forced selling had finished, and that has clustered near cycle lows.