$IREN sitting on a textbook triple bottom right above the volume shelf at $41. Let me walk through what we're seeing here.
Triple bottoms are one of the cleanest reversal structures you can get — three distinct touches at the same level showing buyers stepping in with consistency. That $41 zone isn't random either. It's sitting right on top of a volume shelf, meaning we've got historical acceptance here. Volume shelves act as magnets — price tends to revisit them and either hold or break.
Right now we're just above that $41 support. If price dips back into it and holds, that's your confirmation that the structure is live. You want to see a bounce with volume — that tells you buyers are still defending.
Upside target is the 618 fib at $51.45. That's about 25% from current levels. The 618 is a high-probability retracement zone where prior sellers often return, so expect resistance there.
Setup: Long on a retest and hold of $41 with volume confirmation.
Invalidation: Clean break and close below $41 kills the structure.
This is a patience play. Let the level prove itself before you commit.
Triple bottoms are one of the cleanest reversal structures you can get — three distinct touches at the same level showing buyers stepping in with consistency. That $41 zone isn't random either. It's sitting right on top of a volume shelf, meaning we've got historical acceptance here. Volume shelves act as magnets — price tends to revisit them and either hold or break.
Right now we're just above that $41 support. If price dips back into it and holds, that's your confirmation that the structure is live. You want to see a bounce with volume — that tells you buyers are still defending.
Upside target is the 618 fib at $51.45. That's about 25% from current levels. The 618 is a high-probability retracement zone where prior sellers often return, so expect resistance there.
Setup: Long on a retest and hold of $41 with volume confirmation.
Invalidation: Clean break and close below $41 kills the structure.
This is a patience play. Let the level prove itself before you commit.