CNBC’s Bitcoin (BTC) Counter Trade Indicator Strikes Again
CNBC has long played a controversial role in the financial news industry. As the leading financial TV media outlet, CNBC often relies on experts and other talking heads to make predictions and speculate about upcoming market moves while bearing little responsibility for the fallout.
It seems that unfortunate track record continues in 2019, as a recent tweet by CNBC’s Fast Money was inexplicably published right before a major, opposite move by Bitcoin. The Saturday night tweet suggested Bitcoin was currently in a head and shoulders pattern, a chart pattern that often portends a bearish move.
What happens next???? pic.twitter.com/qASi7fAfJF
— CNBC's Fast Money (@CNBCFastMoney) May 19, 2019
However, literally minutes after the tweet went out, Bitcoin began to see a significant surge in buyer interest that was ultimately enough to send the leading digital currency up nearly $600 to again test the $8,000 level.
Clearly, the current analysis by CNBC should be taken with a grain of salt, especially when trying to apply technical analysis to exceptionally short-term charts.
Image: Tony Webster / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.