Good morning, crypto traders! The crypto market is moving lower because, as you may already know, Binance got hacked. Just another crypto exchange hack that caused fear, but the crypto market hasn't suffered that much, which puts that "hack" into question. Notice that Binance Coin (BNBUSD) has just spiked nicely lower into the projected wave "c" of an abc correction, reaching the previously mentioned support area. This is happening right now, as the whole crypto market is nearing support levels, so we may see a quick stabilization and recovery.

Binance coin may have completed wave "v" of an impulse within a potential wedge formation on the 4-hour chart, as we see it breaking below the trendline. After a completed subwave "a" that can be a leading diagonal, followed by a corrective pullback in wave "b" that nicely tested the 760 resistance area, we can now see a sharp decline into a projected wave "c". However, bulls may be back in control only above the channel resistance line and the 760 bullish confirmation level. Alternatively, it could also be a deeper corrective pullback in wave "iv", but even in this case we can expect a continuation higher for wave "v".

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.