(MENAFN- Daily Forex)

• Bitcoin has pulled back a little bit to kick off the trading session on Wednesday but seems to be finding significant support just above the crucial $60,000 level.
• This is an area that obviously will attract a lot of psychological support, and we have in fact seen that play out early.
• If we can continue to see buyers in that general vicinity, I think it could stabilize the market after what has been an extreme shot higher only to be followed by an extreme move lower.

With that being said, I am very cautious about jumping in, but I think the quieter the market becomes, the better off we'll be longer term. After all, we can look at this through the prism of trying to find value and taking advantage of cheap coins as it were.

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This is a market that you cannot chase, it would be a great way to lose a lot of money. With that being said, a little bit of caution probably goes a long way, and you need to look at it through that prism. In the long term, I do believe the BTC/USD probably continues to go higher, but it's also a situation where you will more likely than not see a lot of volatility and perhaps quite a bit of profit-taking after that big move.

ETF Inflows

I think you have to continue to assume that there will be a significant amount of inflow given enough time, but I also recognize that you have to be very cautious with the idea of getting over levered. After all, this is a market that had gained something like 90% in the blink of an eye. That's not normal. A lot of this was due to massive inflows into the ETF and most people know that, but given the state of things right now, I think you have to look at this through the prism of letting the market settle down before you start buying. Chasing performance after an asset gain 90% has gotten those people exactly what they deserve, as it's one of the worst ways to try to play the markets.

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