MELANIA Looks Bearish (1H)The situation with the meme coin MELANIA doesn't look good.
There is limited data available for this meme coin, but on the chart, 3 ABC waves of a pattern can be identified.
If wave C drops to the 0.618 or 0.786 Fibonacci levels of wave A, it may reach the specified targets on the chart.
The chart currently lacks a trigger for entering a position.
For a sell/short position, it's better to wait for the price to reach the red zone. For a buy/long position, we need to see reversal patterns along with confirmations.
For risk management, please don't forget stop loss and capital management
Comment if you have any questions
Thank You
