Hash Ribbon False Signal! **Emergency Update**

Hash Ribbon False Signal! **Emergency Update**

The hash ribbon indicator is a famous indicator that tracks bitcoin hashrate over time to discover miner capitulation. Right now it is showing a buy signal, but this is a false buy signal. 18% of hashrate went offline in China due to the rainy season ending and bitcoin miners migrate out of the area. The drop had nothing to do with capitulation and everything to do with miners moving. There is no economic driver for miners to shut off machines when bitcoin is at its all time high. The signal to buy at the end of capitulation is false since there was no true capitulation. 

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