Bitmine Stock Pullback Creates Prime Entry Point for Bulls

Bitmine Immersion Technologies Inc (NYSE:BMNR) shares have been trending higher since their June lows, and recently entered a period of consolidation that has brought the stock back to its 20-day moving average. This pullback also coincides with the equity’s recent breakout level and an area that acted as support last November.

The shares are now roughly 25% below their year-to-date highs, another level that could provide support.

Though short interest fell 15.8% over the last month, it still represents a healthy 6.77% of BMNR’s available float. This indicates shorts have begun covering their positions, with plenty of room for the trend to continue.

Our recommended call has a leverage ratio of 4.7 and will double in value with a 22.2% move in the underlying equity