Overall ADA has maintained bullish momentum establishing a high around 2.24. Since, ADA has moved in a corrective movement falling as low as 2.04.
Analysis: ADA while still overall bullish has pushed outside the lower end of the bullish trend and is suggesting a test of the 2.00 support. This is suggestive of a bearish reversal.
What I'm Looking for / Strategy: In this position, I am waiting for either the confirmation of a bearish reversal or the rebound off support into a continued bullish or horizontal movement.
The strategy in this position is to look for buy setups at the retest of the 2.00 support while simultaneously setting conservative stop losses in case the support does not hold.