The 714 level happens to be the .382 resistance of the previous structure. This level is clearly in play in terms of keeping price from advancing any further. Also this price action is a function of BTC not being able to sustain consistent momentum either.
Even though this lack of follow through may be confusing, the 656 level (.382 of recent swing from 358 low) is still exhibiting a formation. Along with that, the formation is a higher low relative to the 358 low. This implies an overall context of strength.
At S.C., we haven't issued any trade signals because price action has not met the conservative criteria that we are waiting for.
For the more aggressive, here is one idea to consider in a situation like this: place a limit order way below the market. Put it somewhere between 645 and 620. If this market experiences a panic spike, you get some at a great price. The premise here is you are capitalizing on the randomness while betting that the overall structure stays intact.
Since price can easily fall through this area, placing a limit order like this carries a lot more risk. So to compensate, take a fraction of your normal swing or position trade size. Like 1/3 or 1/2. Andrew explained this idea nicely in his recent BTC article on S.C. Check it out for a similar idea in that market.
In summary, price action is noisy at the moment, but a bias still exists. Placing limit orders under a market like this can get you a good price IF the structure holds. If it does not, you must either blow it out for a loss, or since it is a smaller position to begin with, just hold on and plan to add when stability does materialize eventually. This inventory management method works best when NOT using margin. If you don't understand the effects of margin, avoid this method because it can lead to account wipe out.
Whether price gives you an entry on a panic spike, or you have to hold through a deeper correction, it is the smaller size that keeps your risk in check. As market conditions improve, you will have opportunities to add to it. We use this method often at S.C. for these markets, metals and even stocks.