$IREN sitting near $14.72 — this could be your bottom structure if it holds.
Lower lows have been the story. Got the bounce today, which lines up with what we'd expect off a technical low. But here's the teaching moment: a bounce doesn't mean reversal. It means the chart is testing whether buyers show up.
Key level to reclaim is the trendline near $27. That's your confirmation zone. Above that, structure shifts bullish. Below it, you're still in a downtrend with relief rallies.
Longer-term target sits at $42 — that's where the volume shelf lives. Big resistance, big supply. If price gets there, expect a fight.
Setup: Watch $14.72 as support. Reclaim $27 for trend change. Target $42 on volume.
Invalidation: Break below $14.72 and you're looking for a lower low. Structure stays bearish until proven otherwise.
Lower lows have been the story. Got the bounce today, which lines up with what we'd expect off a technical low. But here's the teaching moment: a bounce doesn't mean reversal. It means the chart is testing whether buyers show up.
Key level to reclaim is the trendline near $27. That's your confirmation zone. Above that, structure shifts bullish. Below it, you're still in a downtrend with relief rallies.
Longer-term target sits at $42 — that's where the volume shelf lives. Big resistance, big supply. If price gets there, expect a fight.
Setup: Watch $14.72 as support. Reclaim $27 for trend change. Target $42 on volume.
Invalidation: Break below $14.72 and you're looking for a lower low. Structure stays bearish until proven otherwise.
