Bitcoin Bullish Breakout Setup: Targeting 124K After Channel Exi

1. Trend Context

The chart shows BTC in a descending channel (highlighted in blue) from mid-August to early September.

Recently, price broke out of this channel to the upside, signaling a potential trend reversal.



2. Key Levels

Entry Point: Around 109,127 – 109,173 USD (highlighted zone).

Stop Loss: Around 107,537 USD, just below recent support.

Target Point (EA Target): 124,167 – 124,258 USD.



3. Risk–Reward Setup

Entry vs Stop Loss: Risk ≈ 1,600 points.

Entry vs Target: Reward ≈ 15,000 points.

Risk-to-Reward ratio ≈ 1:9.3, which is very favorable.



4. Technical Signals

Breakout of Downtrend: Price exited the descending channel, which often suggests the end of bearish momentum.

Support Zone Retest: The entry level aligns with a strong support zone (black box), previously resistance during the channel breakdowns.

Upside Projection: Target around 124K corresponds to previous strong resistance and Fibonacci extension.
📈 Trading Idea (based on chart)
Buy Entry: ~109,127 – 109,173

Stop Loss: ~107,537

Take Profit: ~124,167 – 124,258

Expected Gain: +13.5% (approx.)
Expected Loss: -1.5% (approx.)
⚠️ Notes
This is a high risk–reward setup favoring bulls, but BTC is very volatile.
If price falls below 107,500, the bullish setup invalidates.
Confirmation with higher timeframes (Daily/Weekly) would strengthen the trade signal.
✅ In summary:
The chart suggests a bullish breakout trade, with entry around 109K, stop below 107.5K, and a large target near 124K. The setup favors buyers if support holds.