Yes, that is true, we are after a strong drop. In almost three months, the price tumbled from the highs around the 5.70 to the lows on the 1.12. You have to admit that this is a spectacular reversal that can possibly kill any demand, even this panic one seen in the bubbles.
Taking this into the consideration, we we are not extremely bearish here? Well, the thing is that the price bounced from the strong support on the 1.126 (green), creating a very promising hammer on the daily chart. That is a very positive factor. What is more, we are very close to the mid-term down trendline (red) and the breakout here can add boost for the buyers.