- SafeMoon price is inside a bear flag pattern, warning that a continuation move south is very likely.
- Ichimoku price action structure is indecisive but leans more to the bear side than the bull.
- It is easier for SafeMoon to move up from its present position, but resistance may be too strong.
SafeMoon price is stuck inside the Ichimoku Cloud – the place where trading accounts go to die. The Cloud and the bear flag give both sides of the market opportunities. Directional bias is weighted more to the downside than the upside.
SafeMoon price presents a long and short opportunity on the 4-hour Ichimoku Kinko Hyo Chart
SafeMoon price has a long opportunity present upon a successful 4-hour close above the Tenkan-Sen and Kijun-Sen. The hypothetical long entry is a buy stop order at $0.00124, a stop loss at $0.00116, and a profit target at $0.00145. The trade setup represents a 3:1 reward for the risk setup.
Caution should be given on the long side of the market. If the long entry does trigger, then the top of the bear flag is not far away and may act as a strong resistance level.
On the short side of the market – and the most probable to play out – there is a theoretical short trade with a sell stop order at $0.00105, a stop loss at $0.00112, and a profit target at $0.000071. The short idea represents 3.3:1 rewards for the risk.
SFM/USDT 4-hour Ichimoku Kinko Hyo Chart
The short entry benefits from confirming two bearish events; the first is the breakout below the bear flag. The second, and most important, is the confirmation of an Ideal Bearish Ichimoku Breakout. The last time SafeMoon price completed an Ideal Bearish Ichimoku Breakout was on February 18, 2022 – the move that preceded a 35% wipe in SafeMoon price value.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.