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Want to make money in Crypto? Just do the opposite of what CNBC says!

in crypto •  27 days ago

Best path to prosperity in crypto? Fade CNBC.

Seriously.

CNBC has been very accurate in their calls, so good in fact that if you had done the exact opposite of what they suggested, you would have been right about 95% of the time.

95% of the time!

You couldn't be that accurate even if you were trying!

Here is a video done by Jacob Canfield outlining his research:

As you can see, just about anytime someone on CNBC starts saying something positive about bitcoin, that is right about the time that prices head south.

Then, anytime some starts saying bearish things on CNBC, that is right about the time prices have a nice little pop.

A few times may have been a coincidence, but look at just how many time it has happened so far this year.

Judging by what is happening today it looks like this trend is still in tact.

This was posted on CNBC yesterday:

(Source: https://twitter.com/CNBCFuturesNow/status/1034489286039486464)

Bitcoin was $7,100 at the time.

Today, bitcoin is changing hands at $6,800.

Another example of where doing the opposite of CNBC makes you money.

There you have it, if you want to make money, just do the opposite of whatever CNBC is suggesting.

One major caveat...

There is a major caveat to this data.

Many of the bullish or bearish comments were not outright price calls. Meaning that CNBC didn't explicitly say they thought prices would go to X in Y amount of time.

They were more just general bullish or bearish comments.

The other thing to keep in mind is that many of their comments are longer term in nature.

The research presented above is looking at the price action in the next couple of hours after the statements have been made and not the overall trend over a longer period of time.

Either way, if you are a trader, there may be an edge to be gleaned from this interesting phenomenon.

Stay informed my friends.

Image Source:

http://theblockchainfeed.com/bitcoin-news/is-it-too-late-to-buy-bitcoin-cnbc/

Follow me: @jrcornel

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An amusing news reported by cnbc,lol!

Sometimes we should do for our gut feeling instead of listening to cnbc, ive gotten that i regret it

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Yep, trust the process.

Interesting info! I find doing the opposite of the mainstream media is helpful in many things :)

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It tends to work well with stocks too. Buy when everyone hates it and sell when everyone loves it. True in most things.

I have always used CNBC as a contrarian indicator even with stocks and the different sectors they trade in. It has become more of an entertainment channel more than a news network unfortunately.

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I agree. Usually by the time something is attracting the attention of CNBC, the trend is likely about over.

We cannot believe in any news or anyone prediction. Just walk with market current conditions simple.

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Simple enough.

That is great. Over 90 percent. I guess continue to play contrarian to CNBC until it doesn't work anymore

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I am sure they will starting putting time frames on their predictions now that they are seeing these headlines float around.

Awesome catch! Never thought CNBC could be such a useful source of information ;-)

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Haha yes. Just do the opposite of whatever they say.

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We should probably have an automated feed of their news plus an exact recommendation of what to do get to the 95% hit rate.

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Yea, if you just leave it on all day, they mention bitcoin quite a bit. Usually it is one of the special guests that makes a recommendation or call.

Very cleverly noticed! Always short cnbc and Dennis Gartman and you will make money almost guaranteed.

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The Gartman fade... yes that is a well known trading strategy.

Buy Buy Buy! Oh no: Sell Sell Sell!
🤪🤪🤪

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CNBC gets super bullish, find a way to short on Bitmex. When they start talking about price crashes, back up the truck.

😆😅 This is absolutely brilliant. Well spotted... Thank you for sharing it with us 🙂

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Thank you, though I can't take credit for spotting the trend. That was done by the guy in the video, Jacob Canfield.

Mainstream media back at it again!

heheheh even you know this strategy lol everyone is doing that on bitmex trading and its working out too

So cnbc should be used to squeeze a day trade, maybe a swing trade?

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Yes possibly. Though keep in mind trends usually work until everyone starts talking about them...

Great observation👏👏We need to watch out for the next trending stats from CNBC

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Their most recent one says bitcoin to $10k... rut roh.

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Who knows what will happen this time around? I'm having a feeling that it'll not be in the opposite direction.