Bitcoin Price Analysis: The BTC/USD retracement stopped right at the 38.2% Fibonacci level

• Bitcoin has pulled back around 3.21% on Monday as sentiment weakens.
• The pullback stopped right on the 38.2% Fibonacci level on the hourly chart.

BTC/USD 1-Hour Chart

As you can see from the hourly chart below the BTC/USD pair stopped exactly at the 38.2% Fibonacci level.

The area was a congestion zone which is marked in the red box.

BTC/USD often finds support at previous congestion levels. 

If the 9,924.35 level breaks it could indicate we might be heading higher once again.

BTC/USD 4-Hour Chart

This 4-hour chart shows that the price has moved into a channel formation. 

The support and resistance zones seem to staircase higher in a classic higher high higher low pattern.

The next support on this chart is lower down closer to the 9,600 area.

If this level is to be tested then a lower high could be made on the lower timeframes, like the 1-hour above.

Additional Levels