BTCUSD is coming sharply down in the 4-hour chart and seems like it's going to retest June lows within 5th wave after the recent complex corrective structure in wave 4. So, watch out for more weakness towards 17k-12k area, but maybe within a slower price action as part of the ending diagonal pattern for wave 5, unless it alternatively stays sideways within wave 4 bearish triangle formation.
On the hourly chart, we can also see five waves down from 20.600 resistance area, which suggests more downside in the near future, after any short-term rally.
@ew-forecast, In perspective there are two possibilities. First one: Price declines till 1,38 FIB level as (in this case) we're in an extended flat ABC which is a bigger fourth wave. There fore price may never enter the first bigger wave (blue circles at I and IV). Besides , 138% Fib level is also the correction of this bigger fourth wave as being the travel area of the preceding fourth wave of one lesser degree (quite small orange circle). In numbers, my target is to the red arrow. Possibility two I made in the BTC/EUR pair. I will answer later today. Don't forget, my glass bowl also make mistakes... Price may NEVER fall below ¤14595 as this will invalid this Elliot setup. regards