**Daily Chart Breakdown** *Friday 4/24 – After Market Close*BitMine Immersion Technologies IncNYSE:BMNREthicalxTrader**BMNR — BitMine Immersion Technologies, Inc.** **Daily Chart Breakdown** *Friday 4/24 – After Market Close* --- ### 🔍 Key Observations • BMNR is currently trading around **22.10**, holding steady inside a **tight consolidation range after a prolonged downtrend**. • The bigger picture shows a **massive blow-off top followed by a long-term downtrend**, with price now attempting to base. • Over the past couple of months, price has been **building a range between ~19 and ~23**, showing signs of stabilization. • There is a **descending trendline still acting as overhead pressure**, but price is starting to compress underneath it. • This is shaping into a **potential base formation**, but still early and unconfirmed. --- ### 📊 Key Levels to Watch **Immediate Resistance** • **22.99** → near-term resistance • **34.94** → major overhead supply • **46.00** → next major level • **62.62+** → higher timeframe resistance **Immediate Support** • **19.00** → key range support • **16.20** → strong support zone • **10.20** → major downside level --- ### 📈 Technical Breakdown This is a **downtrend transitioning into potential base**. Structure: • Parabolic move → collapse • Lower highs / lower lows • Now forming **sideways range at lows** Key characteristics: ➡️ **Compression under descending trendline** ➡️ **Repeated support holds around 19** This typically leads to: • Breakout = trend reversal attempt • Breakdown = continuation lower --- ### 📊 Volume & Trend Notes • Volume has decreased significantly compared to earlier phases → typical of basing • No aggressive distribution at current levels • Needs volume expansion for any real breakout Trend: • **Short-term: neutral / sideways** • **Higher timeframe: still bearish until proven otherwise** --- ### ✅ Trading Plan #### Bullish Scenario Trigger: **break and hold above 22.99 + trendline** Targets: • PT1: **34.94** • PT2: **46.00** • PT3: **62.62** Stop Loss: • **below 19.00** --- #### Bearish Scenario Trigger: **loss of 19.00 support** Targets: • PT1: **16.20** • PT2: **10.20** Stop Loss: • **above 22.99** --- ### 📌 Summary BMNR is **trying to form a base after a long downtrend**, but still hasn’t confirmed a reversal. Right now: • Holding support = constructive • Still under resistance = cautious This is a **wait-for-confirmation setup** — the real move comes once price breaks out of this range.