Bitcoin’s comparative lull in the second part of 2019 may have many investors licking their wounds… but it’s not all bad. At the moment, there is an opportunity to buy BTC at basically ‘fire sale’ prices. At least according to the Rainbow Chart from BlockchainCenter.net.
Bitcoin Rainbow Chart
The Bitcoin Rainbow Chart has been around since 2014, and basically overlays coloured bands, from red through yellow to blue, over a log-scale BTC price against time graph.
Whilst the original chart was graded as simply ‘buy’, ‘sell’ or ‘average’, this has now taken on a finer delimitation. At the top end we have ‘maximum bubble territory’, going through sell indicators, building FOMO, and down to ‘HODL!’ in the middle yellow band.
On the lower end of the spectrum, the scale goes through various levels of good value, down to the final…