The target of 6900/7000 did not get reached, because it was getting bought at the lows yesterday. In my last update i posted i said that it was clear that bearish momentum was dropping. A few hours before that i showed a bullish wedge that could possibly show a reversal as well, but the price dropped below it, which happens very often but than it should go up quite fast again. That was the whole confusing thing yesterday, it stayed there for so long that i could not give that bullish wedge allot of value anymore. Just to be sure i had lowered my stop to 7320 from my 7550 short position. I just got hit an hour ago, and from the looks of it, we will probably go towards the 8000 again the next few day.
In the chart we can see that bitcoin 2.33% has found support around the support level of that big (blue) triangle. At the moment it is trying to get back into that paralel channel again, something it has tried for several days but each attempt failed which showed how the weak the market was. The past month or 2 we have seen our allot of fake squeezes up and down, whales are doing that to confuse both sides. But i would be very surprised if this rally does not see any follow through. As long as it stays above the 7350 it's almost 90% sure it will happen. A drop to 7250ish should really be the max for a drop, but i don't think we will get that low anymore.