Bitcoin analyst Willy Woo: Bitcoin bottoming out

Bitcoin analyst Willy Woo tweeted that the “hash difficulty ribbon” is recovering (assuming there are no lower lows), which is a reliable bottoming signal, during which a group of miners will surrender. The last similar sign appeared in December 2018. Only if the signal is strong, the miners will not add more selling pressure. In addition, Willy Woo also released another indicator miner energy ratio chart, saying that the indicator’s ratio shows that it is currently in the purchase area. The profitability of casting new tokens is at an all-time low, which is a good sign of bottoming out. “Hash Difficulty Ribbon” is a bitcoin transaction decision indicator launched by Willy Woo, which can be used as a decision factor for buying bitcoin. In this research method, a simple moving average of 200 days, 128 days, 90 days, 60 days, 40 days, 25 days, 14 days, and 9 days on the bitcoin network mining difficulty needs to be made with the Bitcoin market price. Looking at the graph, Willy Woo believes that when these moving averages have a high degree of coincidence (he calls it “compress”), or when a moving average rollover occurs, it will be a good time to pay attention or even buy bitcoin.