SafeMoon bearish continuation pattern hints at 60% drop

SafeMoon price is experiencing a rare development on its daily candlesticks chart. The consolidation has lasted for five days - but every day since November 10th has been an inside bar, meaning the trading ranges have consistently developed lower highs and higher lows for five straight days. As a result, a breakout lower would likely trigger some powerful selling.

SafeMoon price has two hypothetical trade entries available – one bullish and one bearish. On the bullish side of the trade, the hypothetical entry would be a buy stop order at $0.0000040, a stop loss at $0.0000034, and a profit target at $0.0000065. Therefore, the entry would confirm a bear trap and return SafeMoon to bullish Ichimoku trading conditions.

 

 

The hypothetical long setup is invalidated if SafeMoon price moves below $0.0000034 before hitting the buy stop entry-level. 

 

On the short side of the market, the theoretical entry is a sell stop order at $0.0000034, a stop loss at $0.0000040, and a profit target at $0.0000015. The short entry, if triggered, would be a breakout below the bearish pennant. Expect a large number of sell orders to trigger.

 

Downside risks may likely be limited to Senkou Span B – the most substantial level of support within the Ichimoku Kinko Hyo system. Consequently, SafeMoon price could see its downside risk limited to between $0.0000018 and $0.0000027 because Senkou Span B spikes up considerably between November 18th and November 26th.

 

SafeMoon/USDT Daily Ichimoku Chart

 

The theoretical short idea is invalidated if SafeMoon price moves to $0.0000040 before the entry is triggered.