Bitcoin (BTC) hit a record high of $93,900 on Tuesday, suggesting that the price will further rise to $100,000. However, Ethereum (ETH) and Ripple Coin (XRP) showed signs of weakness in the face of key resistance levels, indicating a decline in the market outlook.

Bitcoin bulls are bullish on the $100,000 mark.

Bitcoin prices hit an all-time high of $93,905 on Tuesday. At the time of writing this article on Wednesday, its trading price dropped slightly to around $91,900.

If the upward trend is maintained, it may continue the upward trend and re-test the important psychological level of $100,000.

However, the relative strength index (RSI) kinetic energy index is 75, hovering above the overbought level of 70, indicating that the correction risk is increasing. Traders should be cautious when increasing their long positions, because RSI going out of the overbought area may provide a clear signal of callback.

Bitcoin/USD daily chart

On the contrary, if Bitcoin/USD falls below the support level of $87,000, the price may expand to nearly $85,000 (the low point on November 12). If the successful closing falls below this level, it may trigger a deeper sell-off, falling to $78,800 (141.4% Fibonacci extension of the decline from the July high of $70,079 to the August low of $49,000).

If the price of Ethereum closes below $3,000, it will fall into recession.

The price of Ethereum fell by more than 7.8% on Tuesday after facing the resistance near the weekly level of $3,454 on November 12. On Wednesday, it continued to trade around $3,100, approaching its important psychological level of $3,000.

If the closing price of Ethereum is below $3,000, it may fall and retest its 200-day moving average of the index by about $2,806.

The RSI indicator on the daily chart reads 58, which points downward after leaving the overbought level of 70. If the RSI index continues to fall and closes below the neutral level of 50, the price of Ethereum will fall further.

Ethereum/Dollar Daily Chart

On the other hand, if Ethereum/USD closes above the weekly resistance of $3,454, it will rise to the psychologically important level of $4,000.

The price of ripple currency is blocked around $1.13 and is expected to fall.

Since Sunday, the price of ripple currency has been blocked around $1.13 for many times, and it fell slightly before Tuesday. As of Wednesday, its trading price continued to fall to around $1.08.

Let's assume that Ripple failed to break through the $1.13 level at the close and continued to trade down. It may expand the decline and retest the support level of $0.938.

The relative strength index on the daily chart reads 80, which is much higher than the overbought level of 70 and points downward, indicating that the risk is increasing. Traders should be cautious when adding long positions, because RSI going out of the overbought area may provide a clear signal of callback.