Source: woodbull charts
The Bitcoin Hash Ribbon (the ribbon consists of simple moving averages of Bitcoin network difficulty so the rate of change of difficulty can be easily seen) tracks the expansion and loss of hash rate on the network. Miners which were banned from China are slowly restarting their operations as they find new land to set up, and with it the recovery of Bitcoin hashrate (Bitcoin hashrate is the computing power contributed by specialized machines to solving Bitcoin’s mathematical problems for rewards of newly minted BTC , and by doing so, secures the blockchain) .
Ribbon recovery events spell the end of miners' sell-off (which is what they do when they are driven out of business). Typically a recovery of the ribbon opens the way for a multi-month period of bullish price action. This indicator did a very good job of locating the price bottom (as highlighted in late 2018).
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