🔥 Bitcoin, Ethereum, XRP Regain Momentum as Fed Minutes Loom
Bitcoin rises beyond $113,000 on Wednesday after falling almost 3% the day before.
Ethereum tests the bottom threshold of a rising channel after falling below $4,100.
XRP cracks a key support level, with sellers seeking $2.75.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) rebound on Wednesday following two days of losses ahead of the Fed's meeting minutes later today. Bitcoin rises beyond $113,000 on Wednesday after a 2.89% loss.
Ethereum bounces over 3% off a rising channel pattern support trendline, suggesting a reversal. XRP struggles to find support, with bears seeking more losses to test the monthly low.
Bitcoin is trading over $113,000 on Wednesday after hitting $112,566 earlier. After the 2.89% dip on Tuesday surpassed the 50-day Exponential Moving Average (EMA) at $114,911, bulls want to break above $114,000.
Bitcoin may test the 50-day EMA at $114,911 if Fed meeting minutes boost market optimism.
USDT/BTC daily chart.
A drop below the monthly low of $111,920 might continue the downturn to the 100-day EMA at $110,498. Below this dynamic support is $107,245.
Ethereum's channel recovery predicts growth.
Ethereum recovers almost 3% at press time on Wednesday, rebounding off the daily chart's rising channel pattern support trendline. An protracted ETH rebound might reach $4,868, its all-time high.
A drop below the support trendline approaching $4,000 psychological support might fall $3,941.
XRP shoots toward 50-day EMA
On Tuesday, Ripple's XRP fell 6.56% below a rising trendline, the 50-day EMA, and a Fibonacci retracement at $3.00. XRP is up over 1% on Wednesday, with bulls targeting the 50-day EMA around $2.93.
XRP might target the 38.2% Fibonacci retracement level at $2.99, drawn from $1.90 on June 22 to $3.66 on July 18, if it crosses this dynamic average line.
At $2.78, the 50% Fibonacci retracement line provides immediate support.
