Bitcoin price analysis: BTC/USD sits in limbo for either the bulls or bears to attack; former Goldman Sachs investment analyst believes holding altcoins is less risky than holding Bitcoin
|- Christopher Matta reckoned that it is much safer for an investor to hold 20 altcoins as opposed to holding only Bitcoin.
- BTC/USD will continue to use the 100 SMA as a support in the medium-term.
Bitcoin price is trading subtle lock-step movements slightly below $6,600. The bearish trendline is preventing gains marginally above $6,600. BTC/USD opened the session on Friday above $6,630 after which it embarked on a brief downward trend in the Asian trading hours but the support at the 100 SMA has managed to stand ground at $6,550.
While on CNBC’s Fast Money segment, the former Vice-President in the Investment Management Division at Goldman Sachs, Christopher Matta reckoned that it is much safer for an investor to hold 20 altcoins as opposed to holding only Bitcoin. The Co-founder of Crescent Crypto Asset Management said this is a better way to manage risk and adjust returns. He added that his firm chooses cryptos that have shown the ability to retain value after a surge. Crescent Crypto Asset Management largest portfolio holdings include Bitcoin, Ethereum, Ripple as we as Bitcoin Cash.
Bitcoin price technical picture
Bitcoin price has the potential to break the short-term resistance at $6,600 and the bearish trendline mentioned earlier. BTC/USD will continue to use the 100 SMA as a support in the medium-term. Moreover, the gap between the 50 SMA and the 100 SMA is narrowing which could signal more buyers to find an entry. The stochastic is facing upwards and is at 56% confirming the bullish trend. Both the ascending trendline and the zone at $6,500 will prevent declines into the $6,400 range.
BTC/USD 15-minutes chart
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