IREN: Bulls vs Bears at a Critical Support ZoneIREN LimitedBATS:IRENibraheeemzIREN previously broke out of a falling wedge and rallied strongly to 71, falling just short of its all-time high near 77. Unable to break into new highs, the stock formed a classic Head & Shoulders reversal pattern, triggering a breakdown with a measured downside target near 30. However, the story may not be over just yet. Price is now approaching a major confluence support zone, where several technical factors come together and could spark a relief rally. 🟢 Bullish Factors 📍 Confluence Support The rising long-term trendline and the former falling wedge resistance intersect around 37, creating a strong technical support area. 📈 RSI Showing Strength RSI has formed a double bottom near oversold territory, suggesting momentum is beginning to stabilize. This can be interpreted as an early sign of hidden bullish divergence, hinting that sellers may be losing control. ⚡ Oversold Conditions After a sharp decline from the highs, price is entering an area where buyers have historically shown interest. 🐻 Bearish Factors ⚠️ Head & Shoulders Breakdown 🚧 Strong Overhead Resistance Any rebound is likely to face selling pressure near previous support levels that have now turned into resistance. 🎯 Bullish Scenario ➡️ If buyers defend the current support zone, IREN could stage a relief rally. 🎯 Target 1: 47 (Major Resistance) 🎯 Target 2: 53 (Head & Shoulders breakdown / retest zone) A successful reclaim of these levels would significantly improve the bullish outlook. 🎯 Bearish Scenario 📉 If support fails to hold, the Head & Shoulders pattern remains active, keeping the measured downside target near 30 in play. ❌ Bullish Invalidation 🔴 A decisive daily close below 30 would invalidate any near-term bullish thesis and confirm continuation of the larger bearish reversal. 👀 For now, this is a battle between pattern completion and support confluence. The reaction around the current zone will likely determine whether IREN delivers a meaningful rebound or continues toward its Head & Shoulders target. Let's watch it together.