Bitcoin expert Charles Edwards took hash rate and mining difficulty and turned them into moving averages. The end result is the Hash Ribbons, a tool that has provided over 5,000% returns with only 11% drawdown after a buy signal triggers.
Hash Ribbons are a unique tool that signals when miners are capitulating. When that is complete, the indicator signals a buy, and a strong uptrend typically follows.
The idea is that after miners have been shaken out, only stronger miners remain and Bitcoin price can then appreciate as these well funded or well-prepared miners dominate the network.