Crypto Industry News:
While the LUNC community is excited about the potential return to the scene of the Terra Luna Classic (LUNC) token, Terraform Labs founder Do Kwon is now facing an arrest warrant from South Korean authorities.
A Seoul court issued an arrest warrant for Kwon and five others who are currently detained in Singapore. According to the prosecution in South Korea, the founder of Terra faces allegations of violating domestic capital markets law
In May, what the Terra community originally suspected was supposed to be a FUD attack turned out to be one of the most devastating market crashes in cryptocurrency history, losing millions of assets from TerraUSD (UST) investors - now renamed TerraUSD Classic (USTC) - and Terra (LUNA) ), which was also renamed Luna Classic (LUNC). Stablecoin UST began to move away from the set US dollar, dropping to a record low of $ 0.006 in June.
Outside of UST and LUNA, assets that once peaked at $ 119.18 in April plummeted to an all-time low of $ 0.0000009, pinning potential suicide hotlines to the project's Reddit community.
On August 17, Kwon hired lawyers from a South Korean-based law firm just days after he said authorities had yet to contact him. Founder Terra also broke his silence on August 16 in an attempt to clear his name of various allegations. However, despite Kwon's efforts, community members continued to criticize CEO Terra, comparing his situation to the creator of Tornado Cash, who was arrested for writing a privacy code.
Technical Market Outlook:
The BTC/USD pair has been seen slowly moving lower as the recent low was made at the level of $19,623. The Pin Bar candlestick pattern was made at the H4 time frame chart at the lows, so the market is consolidating around the level of $20,120. The levels of $20,472 and $20,580 will now act as the technical resistance for bulls. The weak and negative momentum supports the short-term bearish outlook towards the level of $18,640 again.
Weekly Pivot Points:
WR3 - $23,418
WR2 - $22,624
WR1 - $22,146
Weekly Pivot - $21,821
WS1 - $21,352
WS2 - $21,035
WS3 - $20,241
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.