BTC/USD Bullish Breakout Toward 124KBitcoinCRYPTO:BTCUSDMR_JOHN144🔎 Chart Analysis 1. Support & Resistance Zones Support Zone: Around 113,600 – 115,000, holding price from further downside. Resistance Zone: Around 116,000, where price faced rejection previously. 2. Trend Structure The price has broken out of the descending channel (rejection line & support line). This breakout suggests a bullish reversal signal. 3. Moving Averages (EMA) EMA 70 (~115,080) and EMA 200 (~116,182) are converging. If the price sustains above EMA 200, it will confirm a bullish continuation. 4. Candlestick Price Action Recent bullish engulfing from support zone strengthens the case for upward momentum. Consolidation near resistance indicates accumulation before a breakout. 5. Target Projection If breakout above resistance is successful, target lies around 124,449 – 124,484 (next major resistance level). 📌 Trading Plan (Example) Entry: Around 115,260 – 115,600 (after confirmation above EMA 200). Stop Loss: Below 113,600 (support zone). Target: 124,449 – 124,484. ⚡ Summary Bitcoin is showing signs of a bullish breakout from a descending channel. If price sustains above the resistance and EMA 200, a strong move toward 124K is likely. The support at 113,600 remains a critical invalidation level.