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Remaining skeptical of this move

08 Feb 2022 • 4 min read
  • Crypto
  • CX13

# Personal update

So a bit of bad news, I overslept this morning by 1.5 hours. I hate this and kicking myself for it. Slipping back into old habits usually starts with screwing up one time and then continuing that forward into the next few days. I think I should start setting an alarm clock so that I make sure I'm awake while I'm not used to the rythm yet. Anyway let's start out the day with a market update.

# Market Update

I figured since I have not really posted a market update in a while (since i got front ran) I'll post one on here. So what I'm looking at here are range highs and range lows in combination with monthly levels. The reason I decided to go with monthly levels is simply due to macro uncertainty.

So we bounced from monthly support into monthly resistance. This is a fairly standard move. I'm salty because I had buys at 32k and never got filled and refused to take entries at 35k. I don't endorses that type of behavior because as a trader you need to be nimble and I simply was not.

A sign of continued concern for me is the fact that bigger wallets keep selling into these rips. If you want to see macro upside then you want to see for big increases in these wallets and that is just not happening. So in order for me to be confident of an actual phase change (climax bear into accumulation) we need to see an increase of these wallet sizes. Source: Lookintobitcoin (opens new window)

In the lower timeframes I believe bulls are being more risky right now in a potential HTF area. This is not really the area I want to play in for the bull side. Maybe it is possible that it takes another stab at 46-47 but this quick move into HTF resistance makes me cautious until we see acceptance above.

# Planning yesterdays idea

So if you haven't read yesterdays update, I posted about a tool that I want to start work on (read about it here). So time to start planning some things out. As with any project we need to ask ourselves a couple of questions:

  • What is the data that I want to show?
  • What options already exist that display (some of) this data?

I am aware there are more questions i need to answer but these are more technical questions and do not have any meaning in the current stage of the project. Technical details will be thought of at a later point in time.

# What is the data that I want to show?

I'm going to keep this a bit of a secret now except for the data that I already shared. This is simply to protect myself from anyone that wants to steal these ideas and implement them before I can.

# What options already exist that display (some of) this data?

Well several data sources come to mind:

A glaring issue however with both platforms is that i have to dig and combine both in order to get that what I want to show and they are missing some of the data that I would like access to. Furthermore I don't like the ad-supported websites, makes it all less clean and more intrusive. Besides that it's not very mobile friendly. While I'm sure some traders want to argue that mobile friendly interfaces aren't important "because look at my 20 monitors" I'll argue differently. All platforms need to be easily accessible by multiple types of users and the more users your tool has, the better it is for the adoption of the industry.

# Wrap up

Okay so today wasn't the best and most productive day that I've had the past week but I acknowledge the fact that these things sometimes happen. It doesn't excuse it but it happens. However I am glad I got some things worked out that I can develop further tomorrow. What i mainly want to do now is come up with some sketches for the app. With this I wrap up this day and thank you for reading.