Hot Copper Charting and Chat, page-199

High volume on a narrow spread up bar is generally considered as a selling event (potential weakness).
The idea is that with such high volume as price is attempting to push higher, effectively heavy supply (either from trapped supply getting out, or from profit taking) was absorbing the buying and in turn keeping spread narrow - or the other way around, if supply was not overwhelming demand, with all that buying volume, spread would have been much wider (and the close would be higher on the bar).

Whereas high volume on a narrow spread downbar is generally considered as a buying event (potential strength).
This is the mirror image opposite to the above, where enough buying was in the market to absorb all the sellers, keeping the down spread narrow.

These two scenarios are pretty clear, but not all events appear clear cut.

So when the analysis is unclear (like in this case), you need to attempt to put the chart into some context, and then wait for the next bar or two for confirmation.
That chart sees price coming up to challenge older levels, where resistance (supply) has previously come in.

So even though the wider view cannot be seen in that chart, which would make it more clear.
It appears that the bar (candle) in question is attempting to absorb the supply being drawn out from trapped holders to the left.
Look for the next bar or two to confirm.

To be clear, I believe that enough buyers were buying the supply coming in from the sellers at that level.
Usually this is done in preparation to carry price higher in the future.

Finally, this is not confirmed, it is just speculation at this point.
Confirmation, either way, will usually make itself felt in the next bar or two, or three,
-Where price may just accelerate higher, or briefly come back a little, and then push (or gap) higher in response,
- or where price fails in response, and then falls away trapping even more holders in at this level.

I expect the former scenario.

cheers