Tom DeMark, a widely followed technical strategist, says bitcoin is at risk of taking out the low it registered in mid June.
DeMark’s indicators place great importance on the number of days, which don’t have to be consecutive, in which there was a close lower than the close two days ago. Subject to various conditions, when the countdown reaches 13, a buy signal is triggered. (The opposite applies to sell signals.) Put more simply, his analysis looks for both overbought and oversold signals.