Looks to me more like a bear trap has formed after someone purchased a large amount. High volumes at the 0.00125 low. Now an evening star and spinning top have formed which is most likely an indication of a continuation in the downtrend. News of Synereo and people powering down is not helping, along with all the inactive users. Steemit will only recover once consensus agrees it's the strongest.
Maybe on 4 hr or 2 hr chart there is an evening star, but it seems that doji candle appears on dayly chart that may signify a reversal, let's see how this day will end.
I'm hoping for a reversal but then again it's best to prepare for the worse.