Imagine yourself sitting in front of 200 flat screens, each with a crypto candle chart with support and resistance lines. Now, imagine you have the superpower to monitor all 200 charts rigorously. As soon as the crypto asset on any of the charts reaches a crucial level, you can spot it in a split-second.
Ok, this sounds like only Superman can do it. I guess the brains of 99.99% of the world’s population are incapable of this task. More importantly: Even if you were the absolute super brain and could do this job, it would be a friggin waste of your resources.
So what do we have here? It is an uber-monotonous task that requires lots of brain power (even if you are only watching 2-3 charts). However, you can make some nice money if you do it right and spot the proper levels.
I’m so clever, but clever ain’t smart
A couple of years ago, I was confronted with this problem. I knew the potential when trading crypto assets’ support and resistance levels. It’s probably one of the most straightforward and lucrative trading strategies.
However, I quickly recognized that a) it is tedious to monitor support and resistance levels and b) I don’t have a super brain and can only monitor a handful of crypto assets.
But I was clever (at least I thought I was). Instead of manually monitoring crypto prices, I set up alerts on Tradingview. I reviewed hundreds of crypto charts, identified support and resistance levels, and set up alerts.
Well, clever isn’t smart. It only took a few days to realize that I was replacing one monotonous and super-time-intensive task with another. Instead of monitoring the charts and spending the entire day checking if the alerts were still correct or needed to be adjusted, I replaced them with other tasks.
A Crypto Trader Dream Comes True — Automated Support & Resistance Alerts
Fast-forward to today. As stated in our 10 Commandments, we want to simplify crypto trading and cut out monotonous tasks.
Therefore, it was only a question before we were ready to tackle the Support and resistance challenge.
We took my clever approach and pushed it to the next level.
Here’s what we built:
- We set up an automated component that calculates the support and resistance levels of more than 200 crypto tokens several times daily. We calculate the levels based on 15M, 1H, and daily charts.
- Every 15 minutes, we check each crypto token’s price against the support and resistance level.
- Once we discover that an asset has broken through its support or resistance level, we create a trade signal.
- The signal is shown in our timeline component. Additionally, we built a new feature where premium users can easily search and filter for Support & Resistance alerts.
Convenience new defined
Personally, I consider this one an absolute killer feature that perfectly aligns with my vision of Crypto OS: making crypto trading effortless, efficient, and reliable.
When it comes to crypto trading, I genuinely believe that every monotonous task should be eliminated. In other words, we want to eliminate tasks that don’t require creativity or emotions.
(Crypto) traders (still) spend too many hours watching charts and drawing lines instead of focusing on what matters: creating strategies, understanding market mechanisms, researching, etc.
In addition, software can do this job much better. It’s hard for us to monitor 200 charts, but it is easier than easy for 30 lines of code to do this.
What’s Next
As always, we have already planned the next steps. After deploying the initial version (it has been live since 1st April 2024 – no joke), we want to add two major enhancements during the following weeks:
- We will add an automated email service that sends out alerts to everyone who has subscribed for a token.
- So far, the feature is only available on our web platform. We will also launch it on our mobile app shortly.
Want to see crypto support and resistance alerts in action?
Enough talking. If you want to see the feature in action, you should check out Crypto OS.
