After explosive gains off of the $18200 level where there is key support, bitcoin rallied into 20k where it ultimately saw some rejection off those highs and has pushed lower in an impulsive fashion which could lead to a new wave structure to the downside; there are a few reasons which can support why BTC saw rejection at this level; there was a key channel which bitcoin was within previously which broke to the down side and a retest of the lower trend line occured. Furthermore, there is an extremely significant daily orderblock between 19400-19500 which price overshot in order to touch the trend line in what is most likely an expanding flat C wave structure which actually surpassed ~4.236 extension; hence, why the rapid reversal.
Bitcoin may trend down, with strong impulse structure, the MA's are crossing bearishly on the 1 hr and pointing downwards suggesting continuation to the downside about to occur. The Subwave strucure shown on chart is likely to be a sub wave of a larger WAVE 5 from the BTC ATH, meaning further waves of higher degrees will likely push BTC even lower in this TERMINAL 5th wave. Important level to monitor is the 16200 level and the 15k level which is the pitchfork median line which is likely to offer strong support. It is possible for BTC to hit even lower prices depending on the subwave structure with 13500 and 10500 other key levels to target in this 5th wave.