Mike Novogratz from Galaxy Digital says it is safer to buy gold at this stage. Bitcoin has the potential to outperform gold in the long run. The short-term technical picture implies more consolidation. Bitcoin (BTC) tested $9,475 on Wednesday, June 8, but failed to hold the ground and retreated to $9,350 by press time. The first digital coin has gained 1.5% in the recent 24 hours; however, the upside momentum remains weak as the speculators are demotivated by the lack of the follow-through after a move above $9,300. The short-term trend is heavily bearish, while the volatility is expanding. Bitcoin is cool, but buy gold anyway The CEO of Galaxy Digital and a prominent cryptocurrency supporter Mike Novogratz believes that investors should buy more gold and less Bitcoins, because the digital coin is still immature and much more volatile than gold. Speaking on CNBC’s Fast Money, he said: My sense is that Bitcoin way outperforms it, but I would tell people to have way less Bitcoin than gold just because of the volatility. Eventually, Bitcoin will continue to outstrip gold, but now it is safer to allocate a bigger portion of the portfolio to gold. He noted that Bitcoin is still hard to obtain, which slows down the adoption; however, this issue is something that people are working on. There is more and more people working on making it easier to buy. Funds being setup, custody being done. At one point, we will get an ETF. BTC/USD: Technical picture On the intraday chart, the initial support for BTC/USD is created by 1-hour SMA50 at $9,330. It is closely followed by $9,300 and a 1-hour SMA100 at $9,250. This barrier should slow down the bears and create a precondition for another bullish wave. The upside-looking RSI implies that the bullish potential of the coin is not exhausted yet. On the upside, a sustainable move above $9,400 is needed for the upside to gain traction and open up the way towards the recent recovery high of $9,475. The major resistance is created by a psychological level of $9,500. BTC/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold to reach $1,900 by year-end – ABN Amro FX Street 3 years Mike Novogratz from Galaxy Digital says it is safer to buy gold at this stage. Bitcoin has the potential to outperform gold in the long run. The short-term technical picture implies more consolidation. Bitcoin (BTC) tested $9,475 on Wednesday, June 8, but failed to hold the ground and retreated to $9,350 by press time. The first digital coin has gained 1.5% in the recent 24 hours; however, the upside momentum remains weak as the speculators are demotivated by the lack of the follow-through after a move above $9,300. The short-term trend is heavily bearish, while the volatility is expanding. Bitcoin… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
