Rainbow Chart adds a new band

I checked the BTC rainbow chart this morning for the first time in ages and discovered a new band had been added.

It is below “Basically a fire sale” and is called “1 BTC = 1 BTC”.

When did this happen?

I’ve always been conscious that rainbows are symmetrical, they go down as well as up (and even the author of the page says that the chart “will only work until it doesn’t) and that’s a bit of a concern.

However, The optimist in me is choosing to believe that this is a real strong signal we’ve hit the bottom and it’s time to start buying. If Bitcoin drops to 25% of its all time high then I’m going to lump in every last cent I took out last year and then wait for the next halving.

Whatever your sentiment or strategy I wish you well.

Good luck folks.

(And here’s the link to the chart)

Bitcoin Rainbow Chart