$IREN Drops 63%, Is a Long-Term Buy Zone Forming?
We exited $IREN Ltd(IREN)$ at $28 after it broke short-term support. Since then, the stock has fallen another 30%.
This is why accepting losing trades is part of risk management. The goal isn't to avoid every loss. It's to prevent one bad trade from turning into a major portfolio setback.
After dropping 63% in six weeks, $IREN is now approaching a potential long-term accumulation phase.
The weekly Smart Money Zone is active, with significant volume-profile support near $14.
🎯 Key Levels:
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Preferred entry zone: $12–$13
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Volume-profile support: Around $14
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Long-term target: $70
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Invalidation: Below the current swing low
The risk/reward is becoming more interesting as price approaches these levels. This now qualifies as a potential long-term buy-zone setup.
I'm not currently holding $IREN. I'll be watching for a favorable entry rather than chasing the initial bounce.
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