web analytics
🥇 The Best Online Casinos Who Accept Cryptocurrency For 2020 ✔️
1st Deposit Bonus:
1 BTC
Bonus for New Players
100% MATCH BONUS
5.0 rating
5.0
1st Deposit Bonus:
100 EUR
Bonus for New Players
100% MATCH BONUS
4.8 rating
4.8
1st Deposit Bonus:
2 BTC
Bonus for New Players
100% MATCH BONUS
4.5 rating
4.5

Bitcoin Approaching ‘Fire Sale’ Price According To Rainbow Chart

Bitcoin Price Heading for Fire Sale Prices

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 ‘basically a fire sale’ band, towards which it is rapidly heading.

Not Investment Advice

Now of course, as with any indicator or chart, the Bitcoin Rainbow Chart comes with the disclaimer that it is not investment advice. Whilst past performance looks to have been accurately indicated by these bands, we must remember that the bands have

actually been adjusted over time to better fit the past performance.

It is perfectly plausible that price may continue down through the ‘fire sale’ band and into uncharted territory. Currently this would correlate with a price of around €5000 (or $5.5k) per bitcoin. Incidentally, this is the same potential bottom suggested by analyst Jacob Canfield earlier this week.

But as it is impossible to predict the actual bottom until you have missed it, it is probably better to focus on buying a bargain. And with BTC price currently hovering at just over the $7k mark, it would, as the Rainbow chart suggests, appear to be exactly that.

We may not have hit ‘fire sale’ prices yet, but if downwards pressure from the PlusToken scam sell-off eases up, then this may be the best opportunity we get

How far do you think Bitcoin price will crash? Add your thoughts in the comment section below!


Images via Shutterstock, Chart by BlockchainCenter.net

The post Bitcoin Approaching ‘Fire Sale’ Price According To Rainbow Chart appeared first on Bitcoinist.com.



Source: Bitcoin Approaching ‘Fire Sale’ Price According To Rainbow Chart

Leave a Reply

Your email address will not be published. Required fields are marked *

NOT REQUIRED
Bonus Code
Get 25 FREE SPINS on Book of Dead
NOT REQUIRED
Bonus Code
1.5 mBTC FREE
Valid Until: Dec 31, 2020
NOT REQUIRED
Bonus Code
100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
Valid Until: Dec 24, 2019
N/A
Bonus Code
100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
Valid Until: Dec 31, 2019