Current Channels and Possible Scenarios

Currently BTC is testing the ~$3,600 level which has been highly reactive throughout the recent downtrend. It also appears to be testing the bottom of a possible new uptrend channel. If price holds here it's possible there would be a rally to test the top of the large downtrend channel. On the other hand... if price fails here and breaks below these support levels... BTC is likely to retest the ~$3,200 level.