Lol... yeah. That's breasts... it is easier to tell if you take over bust, bust, and under bust. Then you will be astounded at how much and how quickly they grow.
I was fairly athletic when I transitioned. Not super bulky but fairly solid at 5'11 and 183 lbs. Pecks were one of the first things for me to go... your "over bust" will deminish rather quickly... your bustline will hover about the same size for a bit... until the breast tissue and fat begin to fill the void as your muscle begins to deminish along your bust line. The underbust will give you a quick snapshot of how much your back muscles have deminished as you tick off the months. I found that at month 5 my bust began to actually expand after about 4 months of hovering at the same measurements... But let there be no doubt... that's all boobs that are developing over your constantly deminishing pecs.