Yes, you are definitely right that is pennant formation. To correct myself,in this case trendlines act as barriers that prevent the price from heading higher or lower, but once the price breaches one of these levels, a sharp movement often follows.
I don't think you have this right. In your definition, it tells you - "The trendlines of this pattern converge, *with both being slanted in a downward direction as the price is trading in a downtrend". The bottom support line is clearly not trending in a downward direction, therefore making this a triangle and not a wedge. It looks pretty much symmetric to me, in which case you generally follow a larger trend. Short term, that seems to be down (especially going into the weekend) and of course longer term it's up. But this is bitcoinland, where anything can happen.