As we see decline of bitcoin continues and the main target support 7223 a lower Bollinger band wasn’t tested yet. Thus we can expect further development of downward wave towards this region. We can’t rule out a prior corrective pullback to the 8115-8240 zone, where a substantial offer volume can be concentrated.
Locally the coin is being traded in the middle of the lower Bollinger bands range (7475-8115). Thus an upward pullback in direction of the 8115 level may take place with following strong downward movement.
Intraday trading has flat mode. Market stands at the area of middle Bollinger band (7757-7800) for several hours. But overall size of the sideways channel may reach $470 (7514-7991).
Flat in the wide channel 7514-7991. At the same volatility can be minor.
In case of upward correction development short-trades are preferable. Optimal entry point is 7991.