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BMNR stock is currently 4.3%, although it remains up more than 21% in the last five days, especially after Ethereum fell 12% this week. With fourth-quarter results set for Nov. 21, BMNR’s initial price increase has raised the question of whether the stock is positioning itself against the market, once again.
The last time this happened, BMNR moved before Ethereum. As the cryptocurrency market shows signs of decline, traders are waiting to see if history repeats itself again.
BMNR has already surpassed Ethereum – and the circumstances seem similar
Between June 26 and July 3, Ethereum only moved 10%. In the same period, Bitmain (BMNR) jumped 3,993% from $3.91 to $160.10. It should be noted that the results of the third quarter were published on July 2.
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It was only after the BMNR explosion that Ethereum started its real bull run, rising more than 100% from the beginning of July to the end of August. BMNR had secured a move earlier, which shows a pattern of reacting to expectations rather than the move itself.
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Now, with the formation of many Background signals in Bitcoin and Ethereum, Traders are wondering if BMNR is once again sensing a change beneath the surface. The action stabilizes before earnings – the same time as in August – while the broader cryptocurrency market tries to form a foothold.
This brings us to what the special BMNR indicators indicate.
Divergences still support the upside, but volume should confirm the downside
The Relative Strength Index (RSI) measures price momentum. Between June 27 and November 17, BMNR created a higher low, while the RSI created a lower low. This is a hidden bullish divergence, which shows up in assets that remain in long-term uptrends even during strong pullbacks.
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The RSI has also bounced out of oversold conditions, giving… BMNR is a more stable base before the earnings announcement.
But the real confirmation still depends on the balance sheet volume (OBV). Balance Volume adds up volume on days and subtracts volume on down days to see who controls the market.
Main points of the article:
- Balance volume remains below a lower trendline, which has limited any recovery attempts.
- The budget volume is now moving upwards as the result date approaches.
- A break above this trendline for volume in balance is a technical trigger that usually results in big moves in BMNR.
There is also a long-term divergence of the equilibrium volume on the chart.
From September 5 to November 17, The price of BMNR fell furtherbut the balance volume made a higher bottom. This is often a sign that the seller’s pressure has subsided, even if the price has not yet reacted.
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If the balance volume breaks, the BMNR correlation with Ethereum strengthens – as before the demonstration in July.
Key BMNR price levels to watch now
BMNR maintained at $30 As a major support from the beginning of August. The current stability of the stock shows that this level is still active.
If it lasts $30:
- BMNR can pay about $39 first.
- A break above $43 opens the way to $52-$58.
- A full extension towards $65 (more than 100% profit) becomes realistic if Ethereum bounces even moderately.
Another positive sign appeared on the CMF. Chaikin Money Flow tracks inflows and outflows using price and volume. Now that the CMF has broken its downtrend line, this means that inflows will increase again shortly before the result date. This does not confirm a finding on its own, but it reinforces the argument that buyers are returning at the right time.
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This is consistent with Donald Dean’s NAV model.
The debt uses a NAV multiplier where the value of BMNR follows the ownership of ETH and cash reserves.
Debt estimates a stock’s upside potential using ETH ratio movements. This means that if Ethereum recovers by 10%, the fair value of BMNR under a debt model will move well above the current range, putting the stock close to its highest extensions. It is close to $65, according to the chart.
But the model also works in reverse.
If Ethereum goes down again:
- BMNR’s NAV is shrinking rapidly.
- Losing $30 exposes the stock to $25.
The next move depends on two things: the OBV breakout and the Ethereum price trend. If both coincide with the earnings announcement, the BMNR price could once again rise above the cryptocurrency market.
