Stocks Find Support After Meltdown

stocks
Published on: September 29, 2021
Author: Daniel Kovach

Stocks

Stocks have finally found support at 4350, after a massive selloff yesterday. We cut through several major levels, and have solidly breached the 4300 handle. Currently, we are seeing a bit of a lift from 4350, reaching a resistance level at 4388. There is a red triangle on the KRI, suggesting we may see a rejection of this level. If so, we could retrace back to 4350 and then some. If we see momentum come through, then there is a vacuum zone above to 408. The Kovach OBV is still very bearish, however.

stocks

Stocks find support at 4350.

Bitcoin

Bitcoin has found support at $40.8K. We have tested this level several times. The more comfortable BTC is at this level, the more confident it will be to break it. We aren’t seeing sufficient momentum to this small rally to conclude that a bull run is anywhere near. The next technical level below is $40K, and that is the final barrier to the $30K handle. The Kovach OBV is bearish, but has picked up slightly to reflect support. We will have to break $43.1K, then $45K for BTC to be considered bullish again.

Bitcoin

Bitcoin finds support just above $40K.

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Daniel Kovach

Daniel Kovach graduated from Florida Institute of Technology with a Master’s degree in Applied Mathematics and two Bachelor of Science degrees in Math and Physics. He began his career as a NASA Analyst through his MS program at FIT. Subsequently, he worked as a Machine Learning Specialist at Raytheon, and helped design their corporate firewall, ‘Rayshield’ as well as actively contributing to many other R&D projects. He has also served as a consultant to many companies including LiveTV, Palo Alto Networks, among others. Academic research has been a focus of his career since 2006, and he has spoken all over the world at conferences in Greece, India, Hungary and more, most notably for his contributions to Non-Archimedean Number Theory, Machine Learning, Cyber Security. His biggest contribution is the ‘Computational Theory of Intelligence’. He currently works as a Senior Data Scientist at Citibank, creating and implementing data solutions with C-level visibility.