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Crypto Industry News:
According to recent reports, South Korean authorities have ordered the OKX and KuCoin cryptocurrency exchanges to freeze funds associated with Terra's founder, Do Kwon. In total, the platforms froze over 5,000 BTC, which is around $ 60 million at the current market price of bitcoin.
South Korean authorities have launched an investigation against the founder of Terry (LUNA) and the company behind the cryptocurrency, Terraform Labs, the website said. The country's services concluded that Do Kwon allegedly violated domestic securities laws and issued an arrest warrant for him.
The International Criminal Police Organization (Interpol) joined the efforts of the South Korean authorities and issued the so-called The Red Note, Kwon's actual arrest warrant.
Interestingly, however, the most interested himself denies that he is hiding at all.
"I am writing the code in my living room (...). As I said, I do not try to hide, I go for walks and shopping malls, there is no way that any [members of] CT have run into me in the last few weeks" - he wrote on Twitter.
Now law enforcement has begun seizing Kwon's financial resources. According to media reports, founder Terry started transferring funds related to the Luna Foundation Guard (LFG) from the wallet to the exchanges.
LFG is an entity created by Terraform Labs to protect the course of the fallen algorithmic stablecoin, TerraUSD (UST). These funds were allegedly community controlled, with no control from Kwon or other company employees.
However, a journalistic report suggests the funds were transferred from the wallet to the stock exchanges between September 15 and 18. Around 3,300 BTC went to KuCoin and around 1,950 to OKX. The funds in bitcoin were sent in a few transactions.
Technical Market Outlook:
The BTC/USD pair has bounced again from the narrow zone lows around the level of $18,640 towards the middle of the zone. Only a sustained breakout above the levels of $20,221 - $20,580 would change the outlook to more bullish, however after the Bearish Engulfing candlestick pattern was made at the level of $20,374, the odds for a breakout higher are very low. The market conditions on the H4 time frame are positive, but the momentum is not strong at all. The nearest technical support is seen at $19,096 and $19,256. The swing low is seen at the level of $18,150.
Weekly Pivot Points:
WR3 - $19,226
WR2 - $18,987
WR1 - $18,829
Weekly Pivot - $18,742
WS1 - $18,587
WS2 - $18,500
WS3 - $18,259
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
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