Why Jim Cramer Says It’s ‘Too Late To Sell’ Bitcoin And Ethereum

“Mad Money” host Jim Cramer says there’s reason to believe the large-scale crypto sell-off may be coming to an end soon.

What Happened: Basing his views on technical analyst Tom DeMark, Cramer said on Monday both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) could be looking at downside trend exhaustion bottoms this week.

“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,” said Cramer.

The final leg down, however, could see Bitcoin drop below $27,000 according to DeMark’s recent estimations.

Bitcoin is currently at No. 11 of DeMark’s “13-session countdown pattern” used to identify when a rally or decline will be exhausted.

“We need two more negative closes before his buy trigger fires. DeMark wouldn’t be surprised to see bitcoin getting hit with a two- or three-day panic selling climax, which could briefly take it all the way down to 26,355,” explained Cramer.

See Also: The ‘Death’ Of Bitcoin, Ethereum? Why These Analysts Think A 50% Downturn For Crypto Can Be Shrugged Off

On the other hand, Ethereum has already hit 13 on the buy countdown for the first time since the peak which reportedly indicates a “trend exhaustion bottom.”

“If we get another panicked breakdown, he could see [ETH] temporarily dipping to $1,859 in a selling climax, but that would be your moment to buy, not sell, into the teeth of the panic,” said Cramer.

Price Action: As of Tuesday morning, Bitcoin was trading at $36,400, up 5.4% in the last 24 hours. Ethereum was trading at $2,400, up 3.69% over the same period.

Photo by Pierre Borthiry on Unsplash

Source link

Leave a Reply