CoinCidental: I know there is a lot of buying pressure. I only wanted to post this at a public place because I've seen this pattern in many different tradable instruments, from S&P futures on 1 minute candlesticks to Single stocks on weekly candlesticks!
adamstgBit: It might not behave "right" as it is in an early growth phase, I agree with you. But technical analysis can work in this situation too. We'll see how this evolves pretty soon.
If the $1200 level is broken at a heavy volume, consider this analysis as failed. I only used a small part of my holdings for this.
I have noticed strange happenings WRT bitcoin and volume. In particular, bitcoin has high volume corrections and then low volume returns, even in a bull market. I've seen this pattern so many times that I think that volume based analysis derived from stocks may be faulty. This is often followed by oscillations (a triangle for you TA people) and then upwards breakout.
One explanation may be that on every down tick some coins go into long-term wallets. This creates a lower supply at these previous price points. Without that supply the return must necessarily be low volume.