allocating in 5 coins are good for reduce a risk. if you take 1-3 coins is too small, so i think 5 is good enough
but for this situation, i highly recomend that you'd take short term not long term
I disagree, it may seem like if you buy more coins that will protect you but just look at the way this market moves, if bitcoin goes down in value then all the market goes down in value and if it goes up then all the market goes up as well, so it's useless to try to diversify your investment, put every single dollar that you have in bitcoin and in a decade you are not going to be disappointed by the results.