OMG/BTC - Good rebound from the swing low

After making a new swing low back on the 15th, OMG has made a very convincing move upwards:

The one thing that is sticking out to me right off the bat is the above average volume pouring in after we made our swing low. Thats a great picture if you're trying to find bottoms and support zones. Clearly we have found that on this chart. Lets hope we keep seeing more volume because we do have more work ahead of us.

It's also good to see we have safely cleared the 75% retracement on the fib and is pulling away from it and heading to the 50% retracement zone. In a more short term time frame, all impulses up during this run up have healthy retraced before making another leg up. Our most previous run up is trying to back test the 38% on the fib as well. We are currently sitting on the 200MA while the 50MA is curling upward. Maybe the 50MA can give us a nice kick upwards. We'll see. We are also forming a pretty nice size bull flag which could be a precursor that maybe this run isn't over. The measured move, ironically enough, is at the 50% fib channel (dark blue diagonal line) and at the heart line of the previous ascending channel (orange diagonal dotted line) at 59500 SATS.

Before we go any further with our bullish state, we must analyze the other side as well. We are currently showing a lot of bearish divergence on the MACD. Each impulse up has painted lower positive strength. Thats bit concerning from short term time frame, but we can easily negate that with a big pop out of the consolidation. Also, we are currently struggling to get back into the ascending channel we broke out of the 2nd week of October. We got reject twice trying to get back into it. Getting back into the channel is critical in my opinion.

Although we got to love the bounce, we have to remain very vigilant here. It's in a very tricky area to predict seeing as we're getting mixed signals. I'm a firm believer that volume does the talking so I'm going to stick more bullish than bearish if I had to lean one way. Hopefully we keep pumping in volume so we can officially start another, more significant move up.

Hope this helps!