Bitcoin Rainbow Chart Shows Price Below the “Gay Zone” — What That Signals for the Cycle The Bitcoin rainbow chart just flashed one of its rarest warnings. After a sustained drawdown, BTC’s price has slipped below the multi-colored mid-range band traders colloquially call the “gay zone” — the vibrant, ROYGBIV-colored middle section of the logarithmic regression chart that historically demarcates neutral-to-bullish territory. When price exits this zone to the downside, the historical record gets interesting fast. ...