Downtrend is still effective for BTCUSD

Pivot point is 7342.Below Pivot point, there is a bearish scenario, above a bullish one. Prices fluctuating around Pivot point indicate a sideway movement.
While we observe a short-term consolidation, the downtrend is still effective. The next target is $5511.

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An ascending broadening wedge is forming. This is a strong bearish signal. A trend reversal is ahead of us.

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BTCUSD is still inside the ascending broadening wedge. The pattern is complet once it breaks throug the lower trendline. A major downmove will follw.

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BTCUSD broke out of the ascending broadening wedge on the lower side. The pattern is complete now. This is a strong bearish signal. I expect that BTCUSD will head towards the target at 5511.

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After the breakout of the ascending broadening wedge, BTCUSD started to drop. At point A, it changed its direction and is moving upwards since then. The question is will Bitcoin remain above the brown, bold dotted trendline? Alternatively, will it continue to fluctuate around the R1 level?

I calculated for the current consolidation a target of 9000. It will be interesting to see if BTCUSD reaches that target or if it misses it once more like always since December 17, 2017.

Note

This chart with day candles shows the big picture. BTCUSD is in a correction that can lead up to 9000. As we can see in the chart, there have been some similar corrections before. As long as the market price of BTCUSD remains below the brown, bold dashed trendline, the bearish trend remains intact and so does the target of 5511.

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