Technical Analysis on Bitcoin 24/08/18

Hello everyone, I hope you're doing very well.
Here's a quick standpoint where bitcoin is situated right now, when speaking in terms of technical analysis. So let's jump right into it:

When looking at the daily chart we can see that the trading range that I mentioned in my previous post has been extended and got finally broken bullishly after Bitcoin went sideways for 16 consecutive days. Since the start of the sideways movement volatility even increased which led to a a breakout attempt and a third touch of the resistance at $6650 on August 22nd. On fourth contact resistance finally crumbled and we may now be heading towards higher price regions.

If we draw the lower trendline as seen in the chart, bitcoin would have broken out of an ascending triangle with a theoretical target of about 11.5% gain to the upside.
A possible retest of the lower channel-trendline may serve as a good entry for a long position. But keep in mind that we are still in a bear market, which makes a decline in price most of the time more likely than an increase.

The next big resistance can be found at around $6800. If we get rejected there, Bitcoin could form a big Head&Shoulders pattern on the daily chart. BTC has still a long way to go before the final formation of such a pattern, so for now it's something to keep in the back of your head.
If Bitcoin breaks that resistance we might even retest the big upper trendline one more time.

The MACD and RSI indicators on the daily chart look bullish for the short to midterm aswell:

The RSI indicator has crossed the 50-line, which is a bullish sign, and still has a lot of room to the upside.
The MACD indicator made a bullish crossover on the negative side of the histogram and the two lines are now fanning out while heading north, indicating that there's a good chance of an increase in price in the comming days.

That's it for now, I hope you could find some points in this analysis that will help you in your trading decisions or give you a better understanding of Bitcoin's current price development.
Please keep in mind that this is not financial advise and any bullish forecasts like this one have to be treated with outmost caution in a prevailing bear market like the one we're in.

I will keep you updated.