Bitcoin at a Critical Support – Breakout Toward $119K or ?

Ascending Channel Breakdown – Price previously respected a rising green channel but broke below, showing weakness.

Critical Support Zone: Around $111,946 – $114,000 (black trendline + yellow support area).

Resistance Levels:

Near-term: $115,100 – $115,582

Strong: $119,582 (highlighted as major upside target)

Volume Profile: Declining volume with recent dip → signals possible accumulation before the next move.

Ichimoku Cloud: Price is slightly below cloud, indicating short-term bearish bias but with potential rebound if reclaimed.

Scenarios:

Bullish Case (Blue/White Arrows): If BTC holds above $114,000 support and breaks $115,500, a rally toward $119,500+ is possible.

Bearish Case: Failure to hold $114,000 may trigger a drop toward $111,946 (major demand zone).