IREN previously broke out of a falling wedge and rallied strongly to 71, falling just short of its all-time high near 77.
Unable to break into new highs, the stock formed a classic Head & Shoulders reversal pattern, triggering a breakdown with a measured downside target near 30.
However, the story may not be over just yet.
Price is now approaching a major confluence support zone, where several technical factors come together and could spark a relief rally.
🟢 Bullish Factors
📍 Confluence Support
The rising long-term trendline and the former falling wedge resistance intersect around 37, creating a strong technical support area.
📈 RSI Showing Strength
RSI has formed a double bottom near oversold territory, suggesting momentum is beginning to stabilize.
This can be interpreted as an early sign of hidden bullish divergence, hinting that sellers may be losing control.
⚡ Oversold Conditions
After a sharp decline from the highs, price is entering an area where buyers have historically shown interest.
🐻 Bearish Factors
⚠️ Head & Shoulders Breakdown
🚧 Strong Overhead Resistance
Any rebound is likely to face selling pressure near previous support levels that have now turned into resistance.
🎯 Bullish Scenario
➡️ If buyers defend the current support zone, IREN could stage a relief rally.
🎯 Target 1: 47 (Major Resistance)
🎯 Target 2: 53 (Head & Shoulders breakdown / retest zone)
A successful reclaim of these levels would significantly improve the bullish outlook.
🎯 Bearish Scenario
📉 If support fails to hold, the Head & Shoulders pattern remains active, keeping the measured downside target near 30 in play.
❌ Bullish Invalidation
🔴 A decisive daily close below 30 would invalidate any near-term bullish thesis and confirm continuation of the larger bearish reversal.
👀 For now, this is a battle between pattern completion and support confluence. The reaction around the current zone will likely determine whether IREN delivers a meaningful rebound or continues toward its Head & Shoulders target.
Let's watch it together.
Unable to break into new highs, the stock formed a classic Head & Shoulders reversal pattern, triggering a breakdown with a measured downside target near 30.
However, the story may not be over just yet.
Price is now approaching a major confluence support zone, where several technical factors come together and could spark a relief rally.
🟢 Bullish Factors
📍 Confluence Support
The rising long-term trendline and the former falling wedge resistance intersect around 37, creating a strong technical support area.
📈 RSI Showing Strength
RSI has formed a double bottom near oversold territory, suggesting momentum is beginning to stabilize.
This can be interpreted as an early sign of hidden bullish divergence, hinting that sellers may be losing control.
⚡ Oversold Conditions
After a sharp decline from the highs, price is entering an area where buyers have historically shown interest.
🐻 Bearish Factors
⚠️ Head & Shoulders Breakdown
🚧 Strong Overhead Resistance
Any rebound is likely to face selling pressure near previous support levels that have now turned into resistance.
🎯 Bullish Scenario
➡️ If buyers defend the current support zone, IREN could stage a relief rally.
🎯 Target 1: 47 (Major Resistance)
🎯 Target 2: 53 (Head & Shoulders breakdown / retest zone)
A successful reclaim of these levels would significantly improve the bullish outlook.
🎯 Bearish Scenario
📉 If support fails to hold, the Head & Shoulders pattern remains active, keeping the measured downside target near 30 in play.
❌ Bullish Invalidation
🔴 A decisive daily close below 30 would invalidate any near-term bullish thesis and confirm continuation of the larger bearish reversal.
👀 For now, this is a battle between pattern completion and support confluence. The reaction around the current zone will likely determine whether IREN delivers a meaningful rebound or continues toward its Head & Shoulders target.
Let's watch it together.
Trade ist aktiv
Looks like Bulls are winningAnmerkung
eventually IREN has hit the support zone marked, 
📊 Charts → 🏗️ Structure → 🎯 Probability =📖 Chart Story
⏳ Patience → 🚀Success
⏳ Patience → 🚀Success
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
📊 Charts → 🏗️ Structure → 🎯 Probability =📖 Chart Story
⏳ Patience → 🚀Success
⏳ Patience → 🚀Success
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.