BGC Priv Journal
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Thinking Outloud
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Sol was fun, it's looking like it may be ETH's turn again. PEPE daily still really strong, 4H looks like momentum about to shift back to the upside.
Don’t forget the bigger picture by getting distracted with day-to-day LTF movements

Bitcoin’s monthly candle still hovering near/at ATH’s. If it manages to close out the month in above prev ATH’s (body of the candle vs wick), it’s highly probable we don’t see a breakdown to below again. In its history, once Bitcoin has a monthly close above ATH’s it never gone back down below and usually starts the mark of the first innings of the heart real bull market (3rd/4th inning). Ofc there’s a first for everything so staying open minded to the possibility we break down again (but feel like it’s v unlikely barring a black swan event)

Outlined why before but where we are in this cycle just feels so much like 2017 - fast and violent
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Forwarded from BasedGod Cap
nice structure forming resting right above the weekly candle of last cycle ath. I've been on the same side with wen on macro being generally favorable for btc. I think worst cast for the downside would be a test of the monthly (idk if that happens at all and have no opinion whether or not it does, but that's what i'm expecting being a "worst case scenerio" to the downside)
Forwarded from BasedGod Cap
bitcoin also has never had a monthly close above the prev cycle monthly ath and then preceded to go below those highs. This cycle has also felt so much like 2017 to me as well vs. feeling like last cycle, esp pa wise and the way the markets moving. I still think theres a cohort of people that think we have to dip huge (30-40%+) bc of the halving, but thats not consistant across cycles. Also 1) there's a group of people onboarded onto crypto that cycle so thats predominantly their bias; 2) The world is not shutting down anytime soon this year like last cycle; 3) Recency bias is playing a role in the "big dip pre-having" view.
Forwarded from BasedGod Cap
zoomed out to zoomed in - squiggles arent exact, but think it's the two likely outcomes for pa depending on what btc does here. rn btc's kinda resting right on that weekly close, what it does form here prob determines which of the two general outcomes more likely to happen.

This is just what im lookin at rn to guage april may look like atm
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Also expect ETH > SOL for onchain for a brief period of time. Mainette will do well, but L2 on chain will probably have larger runs.

On Base you're starting to see liquidity broaden out more and winners of the prev run starting to bottom. I also think ARB and OP on chain are sleepers, for example BOOP has gone from 8mil to 21mil in 2 days.

For OP finally grabbed a long term bag of TUX. Reasoning is think other L2's are going to start grabbing attn. Arb whales pushing boop to get eyes back on arb. OP being a competitor to arb, they're prob going to pump tux to remain competitive for attn. At 1.7mil, being one of the main OP meme's starting to grab LT bag is a decent r/r. GCR also owns tux.