$IREN sitting right on long-term Fib support at $22.06 on the weekly — this is the line in the sand.
Structure's clean: if it holds here, watch for reclaim of $26 to confirm the bounce. That's your first step.
From there, major upside target sits at $41 — the 50% retrace level that also lines up with a volume shelf. That's where supply historically stepped in, so it's a logical take-profit zone if we get the full move.
Invalidation is simple: break and close below $22.06, and this support thesis is dead. No guessing — either it holds or it doesn't.
This is textbook Fib + volume confluence. You're not chasing — you're waiting for confirmation at $26 or respecting the break if support fails. Trade the structure, not the hope.
Structure's clean: if it holds here, watch for reclaim of $26 to confirm the bounce. That's your first step.
From there, major upside target sits at $41 — the 50% retrace level that also lines up with a volume shelf. That's where supply historically stepped in, so it's a logical take-profit zone if we get the full move.
Invalidation is simple: break and close below $22.06, and this support thesis is dead. No guessing — either it holds or it doesn't.
This is textbook Fib + volume confluence. You're not chasing — you're waiting for confirmation at $26 or respecting the break if support fails. Trade the structure, not the hope.