I've circled the area that it would likely trade within if it moves higher and is stopped by resistance. That would create an ascending that is a reversal indicator.
is currently at 56 and hasn't moved above 62 since 1/6/18. On a positive note it didn't break below 30 earlier this month which I interpret as a positive sign that the bears are losing momentum.
If one is feeling positive about the bulls taking over the reentry zone looks to be a high probability to reload.
A few X factors. The latest surge is highly suspect, particularly when looking at the shorts that were slaughtered as a result. Moreover, I'm extra cautious when alts surge across the board. It's textbook FOMO to drive prices higher before BTC drops. When it does anyone who sells takes a double loss. A loss on the BTC/alt pairing value and in the cash value of BTC . 20%, 40%, 50% ROIs in a few days are very likely to have pullbacks naturally. If BTC drops below the re-entry zone it would be likely for all those alt gains to be wiped out from the selloff that would ensue. Lastly, is much lower compared to other bull flags and without strong it's not going to continue the pattern.
Personally I think we are looking more generally at a 2014-type scenario with lower lows still to come. Failure of the broad double bottom will reset sentiment for a new wave of bears leading to an accelerating downtrend taking a couple of months at least to play out, probably from the beginning of May.
Essentially the opposite of what the bullish mainstream media is saying - new ATH this summer.