Bitcoin is moving closer to a breakout, but first, consolidation will take precedence. Ethereum holds above $380 before a massive price action comes into the picture. Ripple bounces off the hurdle at $0.26; declines could test support at $0.25. The cryptocurrency market is mixed red and green but mainly characterized by minor price movements. The flagship cryptocurrency is lock-step trading at $11,400 after the recent rejection from $11,800. According to data by CoinMarketCap, the total market capitalization slumped from the recent spike to $369 billion. Currently, the market cap stands at $362 billion, while the 24-hour volume holds roughly $72 billion. Bitcoin draws closer to another breakout Over the last two days, Bitcoin has held above $11,300. However, little progress has been made towards $12,000 following the rejection from $11,800. The flagship cryptocurrency’s immediate upside is capped by a confluence formed by the 100 Simple Moving Average and the Bollinger bands’ middle boundary. The Bollinger bands’ constriction suggests that BTC is heading into a period of consolidation that will culminate in another breakout. The ongoing sideways action is emphasized by the Moving Average Convergence Divergence (MACD). In case the declines continue, support is expected at $11,200 and $11,800. BTC/USD 1-hour chart IntoTheBlock’s IOMAP model reveals a congested road to $12,000. Therefore, delays are expected as far as recovery is concerned. For now, the enormous resistance lies between $11,432 and $11,760. Here, roughly 1.5 million addresses bought almost 998,000 BTC. On the flipside, immense support is likely to continue holding BTC in the current price levels. However, it is essential to be aware of the robust support running from $10,389 to $10,737. Here, approximately 1.5 million addresses previously bought about 1 million BTC. In other words, on-chain analysis confirms the possibility of consolidation taking precedence. Bitcoin IOMAP chart Ethereum nurtures the uptrend to $400 Ethereum is holding at the ascending trendline, as observed on the 4-hour chart. Earlier this week, the largest altcoin took off to $400 but hit a wall at $395. Support between $378 and $380 played a crucial role in averting possible declines to the 50 SMA. Despite buyers holding the fort, the MACD shows that selling pressure is present. Hence, Ether is not out of the woods just yet, highlighting the need to pull the price above $390. According to Santiment’s Age Consumed metric, which measures the recent dormant Ether movement, a period of volatility lies ahead. Spikes on the Age Consumed chart tend to precede significant movements in the price. However, the direction of the price action is not defined by this metric. For instance, roughly 127 million ETH moved on October 14, dwarfing the previous spike of 86 million ETH on October 7. It is crucial to keep in mind that Age Consumed on October 7 came before the rally to $395. Ethereum Age Consumed chart Ripple retreat to $0.25 likely to precede breakout to $0.3 Ripple uptrend has continued to lose steam at $0.26. A situation that is leaving buyers exhausted. Meanwhile, bulls are doing their best to keep the price above the Bollinger band middle layer. The bearish leg could continue below this layer, but the 50 SMA is in line to offer support above $0.25. Similarly, the Relative Strength Index (RSI) moves closer to the midline, shining a light on the growing seller’s grip. On the upside, action above the critical level at $0.26 will pave the way for a breakout to $0.3. XRP/USD 4-hour chart Santiment’s holder distribution metric indicates that whales are still accumulating XRP. For example, addresses holding more than 10 million XRP soared from 307 on October 10 to 311 on October 14. Likewise, addresses containing between 100,000 and 10 million XRP have sustained an uptrend over the last 30 days from nearly 16,600 on September 14 to roughly 17,200 on October 14. In other words, this is buying pressure building behind the cross-border token. Ripple holder distribution chart Daily takeaway Bitcoin grinds into consolidation after the rejection at $11,800. Initial support at $11,300 is keeping bears in check. However, a breakout is expected in the near term, likely to relaunch the uptrend to $12,000. Ethereum is nurturing the uptrend to $400 despite rejection from $395. Initial support is provided by the ascending trendline and the range between $375 and $380. A spike in Santiment’s Age Consumed hints that volatility is soon returning, which will lead to a massive price movement. Ripple upside is capped at $0.26 amid a push by bears for a reversal following an impressive recovery in October. The declines are likely to retest $0.25 if not the 50 SMA before another bullish reversal comes into the picture. On-chain data shows that whales accumulate despite the sluggish price movement; hence the possibility of the uptrend resuming. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/USD to extend the downside towards 1.17 FX Street 2 years Bitcoin is moving closer to a breakout, but first, consolidation will take precedence. Ethereum holds above $380 before a massive price action comes into the picture. Ripple bounces off the hurdle at $0.26; declines could test support at $0.25. The cryptocurrency market is mixed red and green but mainly characterized by minor price movements. The flagship cryptocurrency is lock-step trading at $11,400 after the recent rejection from $11,800. According to data by CoinMarketCap, the total market capitalization slumped from the recent spike to $369 billion. Currently, the market cap stands at $362 billion, while the 24-hour volume holds roughly $72… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.