IREN: Critical Resistance Confluence – Make or Break Moment

TradingView2026/04/27 06:57

By:TradingView

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Description:

IREN is currently testing a massive confluence of resistance, setting up a classic "make or break" scenario on the daily chart. While the underlying momentum is undeniably strong, the price action has just hit a brick wall, demanding patience before looking for a long entry.

The Resistance (The Ceiling)

The most critical feature right now is the immediate rejection we are seeing on the right edge of the chart. The price perfectly tapped a dual-layered resistance zone:

Macro Trendline: The descending trendline (blue) has successfully capped the price action since the peak late last year.
1.618 Fib Extension: Drawn from the recent base, the 1.618 extension sits precisely at $54.37.
After tagging this area, the recent daily price action shows a sharp rejection, pulling back to the $50.60s. This proves sellers are actively defending this confluence.

The Support Structure (The Floor)

Despite the rejection at the top, the structural setup that drove the price to this level is incredibly bullish:

Moving Average Bounce: The price established a rock-solid bottom around the $30.00 level, perfectly rejecting off the long-term moving average and the 0 Fib level ($30.76).
Bullish Momentum: The shorter-term moving averages have crossed bullishly and are sloping upward.
Fundamental Catalyst: Beyond the chart, the clean balance sheet coming out of the Q2 FY2026 reporting provides a strong fundamental floor to justify this high-volume rally.

The Trading Plan

Buying directly into a macro descending resistance line and a major Fibonacci extension offers a poor risk-to-reward ratio. I am watching two specific scenarios play out:

The Breakout: Waiting for a confirmed daily close above the blue trendline and the $54.37 level on high volume, turning that ceiling into a new floor.
The Pullback: Waiting to see if the price bases out and finds support at the 1 Fib level ($45.35) or the rising shorter-term moving averages before making another attempt at the trendline.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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IREN: Critical Resistance Confluence – Make or Break Moment

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