What’s the Latest on Indicator Marking Bottoms in Bitcoin and Ethereum?

bitcoinAlthough the bears’ appetite for the price to fall below $19,000 again, it continues to offer new opportunities for long-term investors.

Even though the inside investors have moved away from the market after these price movements, opportunities continue to come for investors looking for new positions.

In many of our previous analyzes, we have stated that it is impossible to know where the bottom is in Bitcoin, but price movements below $20,000 create a good opportunity for gradual buying.

While maintaining this view, today Bitcoin at or very close to the bottom We’re going to look at another indicator that shows we are.

Bitcoin Rainbow Chart

Introduced by user trololo on the Bitcointalk forum in 2014 and developed by Blockchain Center, the color bands help us to get an idea of ​​the future through Bitcoin’s past movements.

The chart has been successful so far, albeit with small differences, at the point of finding peaks and bottoms in Bitcoin.

When we look at the previous price movements, we can see that we are at the bottom or very close to the bottom in Bitcoin and Ethereum. This raises our hopes for medium-term prospects.

Bitcoin and Ethereum Here is the latest status of the “rainbow price chart” for:

bitcoin

Ethereum

Blockchain Center states that this data is just a graph that follows previous data and is not based on any scientific basis. Therefore, do not make investment decisions based on this data alone. The relevant warning is as follows:

“Past performance is not an indicator of future results.

The Rainbow Chart is intended to be a fun way to look at long-term price movements while ignoring daily volatility.

Color bands follow a logarithmic movement and have no scientific basis. “

*Not Investment Advice.

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