IREN is setting up for a strong long opportunity on the daily chart, showing clear bullish structure and momentum. Price has broken above the Ichimoku Cloud with confirmation from both Tenkan-sen and Kijun-sen alignment, and the future cloud remains bullish. This breakout has held for several weeks now, with consistent higher highs and higher lows forming since the April bottom. The MACD is also supporting the move, with both the MACD line and histogram in bullish territory and no immediate signs of bearish divergence. The setup presents a clean risk/reward profile: entry at $10.67, stop at $9.09 just below recent support and Tenkan-sen, and a target at $16.25, which aligns with the R2.5 pivot zone and historical resistance from mid-2023. That’s a risk/reward ratio of 3.53. Volume has been steadily building on up days, suggesting institutional accumulation. If price breaks and holds above the $11.25 pivot (R1), expect continuation toward the next resistance levels at $16.25 and potentially $19+. I’m viewing this as a 2–6 week swing trade based on the daily chart structure and overall trend.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.