BitMine (BMNR) Stock Bounces As Q4 Results Near — Is the Price Preparing Another Early Move?

BitMine (BMNR) stock is up slightly despite a recent 21% drop, coinciding with Ethereum's decline, as the company approaches its Q4 earnings release on November 21st. Traders are watching if BMNR is front-running the market again, similar to its massive surge before Q3 results when it jumped nearly 4,000% while Ethereum moved minimally. Technical indicators show hidden bullish divergence on the RSI, suggesting underlying uptrend strength despite pullbacks. However, confirmation hinges on the On-Balance Volume (OBV) breaking a descending trend line, which historically precedes large moves. If the OBV breaks out, BMNR's correlation with Ethereum strengthens. Key support is at $30; holding this level could lead to targets of $39, $52-$58, and potentially $65 if Ethereum rebounds. The Chaikin Money Flow (CMF) is also showing rising inflows. Conversely, losing $30 support could expose the stock to $25, highlighting that the next major move depends on the OBV breakout coinciding with Ethereum's direction near the earnings report.

(Source：BeInCrypto)