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Why Jim Cramer Isn't Buying Bitcoin Right Now

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How's Bitcoin looking?

"In the "Off The Charts" segment, Cramer checked in with colleague Tom DeMark on the outlook for bitcoin and the S&P 500 index," wrote TheStreet's Scott Rutt in his Mad Money recap.

"According to DeMark, after a staggering decline, bitcoin will need time to consolidate before beginning to recover. He's created a 13-day countdown pattern for when that change is likely to occur. He said if bitcoin can hold above its May 19 low, it needs to see another nine ugly sessions, which may take another three or four weeks to occur. He noted that bitcoin's current chart mirrors that of the recovery after the 1987 market crash," he continued. "As for the S&P, DeMark felt the index is running out of steam and is close to a top. He noted the S&P only needs two more up-days to complete his 13-session countdown."

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