CNBC’s Bitcoin (BTC) Counter Trade Indicator Strikes Again

Tony Webster / Flickr

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.

As we previously reported, last year’s predictions made by experts and analysts on CNBC were around 95% accurate as a counter-trade signal¬†for Bitcoin (BTC).

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.

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.

More: CNBC’s Fast Money Tweetnalysis
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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts