Time to buy Bitcoin? yes, but...

Probably you are with the question of whether or not buy bitcoin right now, maybe if it is appropriate to buy but not for a long term or as some "HODL" well, the price of bitcoin is currently quoting at $ 11670 USD at the time of writing this blog, however, seeing the price from a technical perspective the price is making a double roof where in turn, is touching a weekly resistance in a time frame of 4H but in fact this weekly resistance has just broken , this means that there is a probability that the price continued to rise and possibly reach $ 12250 USD per unit, below is attached an image with this weekly resistance:

Now, if we add a trend indicator such as the ichimoku, we can see that the price is above the cloud and continues to rise to its monthly resistance where in this monthly resistance there could be some slight drop or correction in the bitcoin's price. we can corroborate if we apply one of the other preferred tools that are known as the harmonic patterns, of which I show in the following image the drawing of this pattern:

ichimoku cloud chart:

The pattern that is mentioned before is known as the AB-CD pattern which its plot (to my perspective) in function or in conjunction with the theory waves of elliot and fibonacci retracement:

To know if the pattern applies in the possible retracement or in the pattern that showed them previously, the fibonacci retracement tool is used, tracing from where the impulse of the rumpture of a bearish trend originated, where we can see if we apply the theory waves from Elliot(https://www.investopedia.com/articles/technical/111401.asp) the second wave is playing the fibonacci 61.8 from which the price bounced up again, and so we draw the tool of the harmonic pattern and we can see that the value from point A to point B gives us a value of 0.635 which this value is representative of the fibonacci retracement level.

Now, the point C and D if we draw it to the monthly resistance its value is 1.2, this value points towards the monthly resistance which would be a value of $ 12225 USD per unit, to have a price a little more approximate to its point of inflexion we will use the Trend-fib based extension tool whose plot consists of three points (see the analysis of etherum where it shows how to trace this tool https://steemit.com/ethereum/@criptraders/a-little-drop-on-ethereum) that spans from the origin of the impulse to the highest point and the second corrective wave that is 61.8 fibonacci:

As can be seen in the image, the Trend-fib based extension tool points to a price of $ 12374 USD where if we adjust the harmonic pattern point D would point to the level where a possible retracement of the 78.6 of the fibonacci tool is presented. Now, in case there is a possible pullback in the price of bitcoin we can establish as possible targets by tracing the fibonacci retracement tool from point C to point D and the possible point of exit at the moment of entering Bitcoin would be in level 61.8 but the ideal would be 50% of the retracement, this even so the price of bitcoin would be in an upward trend in a timeframe of 4H.

Before entering make decisions on buying or selling it is advisable to perform your own analysis. You can get short in ethereum on Bitfinex exchange using margin trading.