Crude oil has already become a liquidation zone below, with the $90 support line on the verge of breaking!

Personally, I think the situation is very grim. The price is moving very weakly; on the 1-hour chart, it's just continuously falling, with no real rebound strength. Currently stuck around $92, with the key level below being $90. Why is $90 important? Because, from the market view, many long positions are piled up there. Once the price drops to that level, it could trigger a chain of liquidations, leading to a faster and more violent decline.
Above, there are basically layers of trapped positions, especially between $96 and $100, which exert significant pressure. Any rebound to that area will see people rushing to sell to cut losses, making a quick recovery very difficult.
My clear view is that the trend is downward, and I haven't seen signs of a bottom yet.
For friends caught in positions, my advice is not to rush to add more. This is not the time to bottom fish; in a downtrend, trying to catch falling knives will likely result in losing your hand. Don't expect to lower your average cost in one go.
The key is to reduce your position on rebounds. If it can rebound to around $96, that’s an opportunity to trim your holdings. Don’t expect a V-shaped reversal; take some profits first, get cash back, and maintain more control. That’s the most important.
Set your final line of defense. Be clear about your bottom line. If the price effectively breaks below $90 and cannot stabilize, in my view, there’s likely more downside ahead. At that point, you must decide whether to cut all positions or hold some core positions and wait, but never remain indifferent.
Right now, this market is a contest of who stays calmer and more disciplined. Don’t hold on stubbornly without action, and don’t make reckless moves. You need to develop a specific plan based on your cost basis and position size—where to reduce, where to hold firm.
If you're unsure about your situation, you can bring your cost basis and position details to me for a chat. I can help you figure out the best way to handle it. #Gate广场四月发帖挑战 $XTIUSD