BTC Hashrate ribbons — Strategy by Powerscooter
By Powerscooter
Performance Metrics
- Author: Powerscooter
- Symbol: BITSTAMP:BTCUSD
- Timeframe: 1 day
- Net P&L: +2,870.69 USD (+2,878.80%)
- Win Rate: 52.6%
- Profit Factor: 11.436
- Max Drawdown: 63.69 USD (29.19%)
- Total Trades: 38
- Sharpe Ratio: 0.099
Description
Sep 9, 2022BTC Hash Rate ribbons / Hash Rate crossThis strategy goes long when BTCs Hash Rate 30 day moving average crosses above the 60 day moving average, signifying that miner capitulation is over and recovery has started.When the opposite signal is given, which signifies the beginning of miner capitulation, the strategy goes short (or flat, depending on configuration). This is generally considered the most popular Hash Rate related strategy.The strategy is based on this medium article: medium.com/capriole/hash-ribbons-bitcoin-bottoms-60da13095836Thanks to the recent integration of IntoTheBlock data into Tradingview, we can now effortlessly show Hash Rate data on our chart,keep in mind however, that IntoTheBlock doesn't provide Hash Rate data on timeframes below daily, so this strategy is based used on the daily, weekly or even monthly time frames.Hash Rate definition:The Bitcoin hash rate is the number of times per second that computers on the Bitcoin network are hashing data to verify transactions and perform the encryption that secures the network. The hash rate is an indicator of how healthy the Bitcoin network is at any given time, and is driven primarily by difficulty mining and the number of miners. Generally, a high hash rate is considered a good thing.More precisely, the Bitcoin hash rate is the number of times per second that computers on the Bitcoin network are hashing data to verify transactions and perform the encryption that secures the network.Sep 17, 2022Release NotesAs IntoTheBlock data has shown to be unreliable, the newest version of this script now queries Hash Rate data from Glassnode instead.Oct 11, 2022Release NotesScript updated to have a selectable data source, options: IntoTheBlock, Glassnode. Default: IntoTheBlock.Jan 17, 2023Release NotesAdded support for Quandl, Nasdaq affiliated data broker. Set Quandl as default option, as very reliable.