BTCUSD - still in a corrective cycle, more downside ahead

Let's now take a look at Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $6,024 after two Pin Bars candles were made. The rise is corrective in nature and it does not look as the bulls have too much strength to break through the weekly pivot at the level of $6,379. The price is now in a short-term horizontal consolidation and the long-term downtrend is still present. It is worth to keep an eye on all technical support levels at $5,971 (weekly pivot support), $5,900 and the most important at $5,742. Any violation of the last support will confirm the downtrend.