Double Bottom in Bonds?

$TLT

A sizable gap up in TLT 0.00%↑ this morning has many wondering if we have a double bottom here, and perhaps the rate sentiment could be shifting. The TLT 0.00%↑ is above a 2:1 call/put ratio so far today, though it remains below a declining 20 day moving average. I’ve placed some small bets on this in fact being a reversal spot, contra to most public commentary (which is generally where I want to be anyway). The TLT 0.00%↑ made its 52 week low last October, and a break below would mean I was wrong here. A break and hold above the 20 day, and I’d likely size up the position.