Looking at this wave of market movement, it really makes people a bit fearful. On the surface, it looks like a pullback, but in reality, it's a classic hunting trap.

Recapping the situation this morning: XMR surged rapidly to 691, with a single-day trading volume soaring to 482 million USDT, and a trading volume of 682 million coins—such abnormal volume is typically a sign of wash trading to push the price up, aimed at attracting follow-up traders. However, the good times didn't last long; a large bearish candle cut through the entire chart, causing the price to plummet from 691 straight down to 657.22, a decline of over 5.7%. This is commonly known as "Dark Cloud Cover," a standard method of pushing up and then distributing. Retail traders are simply unable to react in time.

The current situation is very delicate. The price is stuck at 682.5, unable to go higher or lower, but it's only a hair's breadth away from the intraday support level at 657.22. Looking at the rebound pattern, the strength is clearly insufficient, indicating that the bulls' confidence has been almost completely shaken. Once the key level at 657.22 is broken with high volume—personally, I believe it’s unlikely to hold—the area below becomes a vacuum zone. The first target is around 650, and the second target is in the 640-635 old platform zone. If even this area can't hold, then the trend will have completely reversed.

The most critical advice: **Do not try to bottom fish**. Any rebound to the 685-690 range should be seen as an opportunity to reduce positions, not as a signal to chase the rebound.

If the price quickly tests the 657-655 zone, and a clear bullish divergence appears on the 1-minute or 5-minute chart, with volume also shrinking, then you can consider using a very small position (10-20% of your total) to try for a rebound. But this kind of operation is essentially "licking blood at the edge of a knife," and you must set a strict stop-loss below 650. Once it breaks, cut losses immediately—don't entertain any hope of luck.

Another point that is often overlooked: the true bottom is not found through guesswork, but is "walked out" by the market through volume contraction and sideways movement. During sharp declines, risk control is always the top priority. Staying alive is the prerequisite for making money.