Bitcoin Eyes Bullish Breakout Above $119K Resistance ZoneBitcoin / U.S. dollarBITSTAMP:BTCUSDEleanor_OfficialBitcoin (BTC/USD) is showing strength as it climbs toward the upper boundary of a descending channel. Currently trading near $118,178, the chart suggests a potential breakout above the key $119,000 resistance. A successful breakout and retest could propel BTC toward the $121,000–$123,000 range. Bullish indicators include rising momentum and a clear breakout roadmap highlighted by the rocket and upward arrow visuals. Caution is advised if BTC fails to hold above $119K, which may lead to a pullback. Chart Analysis Overview: 1. Trend Channel: The price has been trading within a descending channel, marked by two dashed trendlines. BTC is currently testing the upper boundary of this channel — a crucial breakout zone near $119,000. 2. Resistance Zone: Key horizontal resistance lies at $119,000, as marked by the black line. A clean break and retest of this level could act as a springboard for further gains. 3. Bullish Scenario: If BTC breaks and holds above $119,000, the projected move targets $121,000–$123,000. Bullish roadmap is illustrated with the blue path, ending in a rocket symbol, indicating potential breakout momentum. 4. Support Zone: Immediate support lies around $117,500–$117,800 (current breakout attempt base). If BTC is rejected from the resistance zone, a short pullback to this level is possible before another attempt. 5. Indicators: PMAX (10, 3, EMA) suggests early bullish momentum, confirming rising sentiment. Price candles are printing higher lows, signaling accumulation and bullish structure. --- 📈 Key Levels to Watch: Support: $117,500 / $116,800 Resistance: $119,000 (key breakout zone), then $121,000 and $123,000 Breakout Confirmation: 1–2 candle closes above $119,000 with strong volume --- ✅ Conclusion: Bitcoin is setting up for a potential bullish breakout. If price cleanly breaks and retests the $119,000 level, we could see a rapid rally toward $121K–$123K. However, failure to break may lead to short-term consolidation or a dip. Watch price action closely around the $119K zone.