Charts suggest there is a decent chance history repeats itself for bitcoin and the cryptocurrency shakes off its recent steep drawdown to mount another rally, based on technical analysis from Tom DeMark.
Charts suggest the selling in the world’s two largest cryptocurrencies may run its course soon, CNBC’s Jim Cramer said Monday, leaning on analysis from veteran technician Tom DeMark.
“When the charts, as interpreted by Tom DeMark, say that both bitcoin and ethereum could be looking at downside trend exhaustion bottoms this week, if not today, I think you need to take him seriously,” the “Mad Money” host said.
“To me, that says it might be too late to sell and you need to consider buying. I know I am, especially if we get a final leg down” added Cramer, who personally owns some ether, which runs on the ethereum blockchain. He previously owned bitcoin, as well.
Bitcoin earlier Monday reached its lowest point since July when it fell to $32,982.11 per token, according to Coin Metrics. However, bitcoin reversed course during the trading day, ultimately moving higher to around $36,000.
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