Bitcoin prices moving lower
South Korea's top cryptocurrency exchanges, including Bithumb, are under money laundering investigation by the local financial watchdog FSC. The Financial Services Commission will check bank accounts belonging to South Korean crypto exchanges. Overall, the market strength seems to be losing forces, and we might witness further drops on Bitcoin prices and most of the Altcoins.
A bearish flag on the 4-hour chart
After ranging for a while, Bitcoin prices dropped out of the range and reached the 8200 level just to retrace back to 8800. Then, the much-expected correction happened during the early hours of the 14th of May, and prices moved down to 8400.
A bullish scenario might happen if prices drop towards 8000, and then more buyers are expected to join the rally. On the other side, a bearish scenario would mean further drops towards 7000.
With that bear flag on the 4-hour chart, I would expect a small retracement up to 8500 and then a new decline towards 8000. Currently, BTCUSD is trading around 8400, so I would wait before placing a new short position.