Recently I went to see Youtube videos regarding the crypto, forex and commodity market. I mainly play crypto currency, but recently also started playing forex (GBP/USD) and commodities (XAU/USD). Just a declaration for transparency here, I am a fail trader. I starting trading since 2013, and have lost 50,000 USD since. While I have not recouped my losses, I have gained certain experiences and have grown over time (I hope). I have multiple sources of income, and among my side income, my online business is one that brings me the most money.
So you can read what I said below and decide for yourself if what I said makes sense.
There are many Youtubers out there who churn out many videos on a frequent basis, some as frequent as every day. The videos I watched have all one thing in common (as at this point in time): Bitcoin is going up. Crypto is going up. Time is running out. We are facing the biggest bull run ever.
I do believe that crypto is in a bull market, and I do think that by the end of the year, crypto will reach another new high. But most of the Youtubers do not know what they are talking about. They are just churning out nonsense that seems sensible but are actually not. On one day, they are analysing the technical charts’ candlesticks wedges. The next day they talk about some other indicators because their analysis on the charts failed them. I remembered when Bitcoin had a weekly close about 67000 or something, everyone was behaving like Bitcoin will moon tomorrow because according to the technical analysis and the charts it was a significant achievement. Yet Bitcoin did not do what they expected. After briefing touching somewhere around 69000, it drops to 54000 over a period of 2 weeks.
As the price of Bitcoin dropped over these 2 weeks, the Youtubers came out with videos talking about the Fibonacci numbers of support and resistance and concluded that Bitcoin will pump. Yet it did not. After that they said theories about moving average, and still there was no price action. When Bitcoin dipped further, they claimed that the whales are shaking out the paper hands. Then they claimed the big monies are moving out of exchanges.
As mentioned earlier, I believe crypto will enter a new bull market. I believe partly in technical analysis. What some of them said made some sense. But as you can see above, they have a basic outcome they want to see happening, which is crypto reaching new highs. No matter what happened, they will always find something, twist it and explain in a way to fit their storyline. Many of them appear to know what they are talking about, but in actual fact they do not. As long as in the short term Bitcoin increases in value again above their original 67000 benchmark, they would have claimed they said it before it happened.
In fact, in other platforms such as TikTok, I have come across personally, and people commenting on some videos that the content is an outright word for word copy. It happens in Youtube too. You will realise most of them are saying the same thing, with little original content which others do not know. I can easily watch a video in another language elsewhere, and copy it in my video. Once I have done basic research and determined that crypto will rise, I will just keep on churning videos explaining things in that direction. Sooner or later it will go up, and then all my videos become proof that I have predicted it beforehand and that I am not basing everything on hindsight.
It does not take a genius to figure out if crypto going up is the general direction, just buy and hodl. I am not expecting these Youtubers to spoonfeed us everything either. There are some good Youtubers I come across as the better ones. Instead of relying on charts, they go into a deeper analysis on why a particular coin is worth or not worth buying. They go into the strategies of them buying, such as averaging down bit by bit instead of all-in at a particular price. I know not everyone is a fan of dollar cost averaging and some prefer to all-in.
My main point is that instead of just staring at charts and analyse every single portion every day while waiting for your storyline to follow through, find Youtube videos that give a deeper analysis. Why does he believe in a particular direction? Is it new developments of the coin itself? Is it politics (eg SEC clamping down on XRP)? Is it Bitcoin going to rally? Are the reasons convincing or does it look like it is a hype?
I once bought the shitcoin Smooth Love Potion but saw a Youtube video saying why we should dump it. I cannot remember exactly what he said, but he mentioned that the game was played mainly in developing or third world countries, where people who play the game only sought to earn money out of it. Every time the game nett them some profit, they would quickly cash out for some real world cash in the pocket. He went on to explain that there would only be improvements to the potential and future of the coin if people of the developed nations also adopted the game. I saw the video, I thought the analysis was well thought out. This is an example of a video which I would call good quality, not just endless staring at charts and trying to explain whatever happened or trying to predict from there.
The issue with these Youtube videos is always they create a lot of hype, such as titles like: [UIRGENT] 5 ALT COINS THAT WILL GO 10X BY END NOVEMBER! These kind of video creates a lot of FOMO (fear of missing out) emotions in people, and the beginners who know nothing can be easily sucked in. So while watching online videos, do remember to filter out the trash from the quality ones.
This not only applies to your crypto adventure, but also applies to anything else. Not all Youtubers are good at what they do. Many simply talk what people want to hear. If the whole market sentiment is that Bitcoin will go up, then videos saying what your viewers want to hear will nett you a lot of cheers and support. But if you say the opposite, then you are spreading FUD (fear, uncertainly, doubt).
Do your own homework and do not be afraid of missing out. You can never earn all the money in this world. Today if you miss a train, you can always catch the next one.