Miner Capitulation Recovery? Buy signal on Hash Ribbons

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Miner Capitulation / Hash Ribbons has signaled a buy on daily suggesting that hash rate is stabilizing. Hash ribbons flipped a few days ago and today the SMA 10 crossed over the SMA 20 which is the secondary condition for a long.

Looking at a long term scope , this strategy was supposed to beat even an early buy & hold. Mostly by reducing drawdowns significantly. So I made a quick backtest to see if the number actually held up and they do. $100 invested in MC versus a buy & hold. It significantly outperformed!

Realize this is not a quick in and out strategy, as you can see average trade is held for a few months. It does accomplish the goal of reducing drawdowns though (but not eliminating them). Now all we need is a time machine to play this from 2011 onwards. :)

Have a kick ass & prosperous 2020 everyone!