After staying above the 7300/7340 for a very long time, Bitcoin price eventually broke and an immediate dump happened.
The correction however looks very sharp. The main reason is that the most of selling is forced what means that stop loss of short positions got triggered. There is a small probablility of the next 300 point drop during the coming hours, but there can still be some drops. The most probable scenario is a sideway move around current level for some time.
For bulls to start action we need to see the price get stable around the current level. However we should not expect a big rally any time soon since the bears have the upper hand now.