I think that first high volume bar (and the bar which followed it) that you mentioned, was where some serious support initially came in (preliminary support), however ongoing supply ground price down even lower, and washed out those lows.
I like the next lower horizontal line you drew, which illustrates the sharp breakdown below it (sort of like an extended shakeout) and then the recovery into a sideways trading range (or potential accumulation zone) which followed.
The reduced volumes now are probably showing that the majority of the supply at these levels has been bought or absorbed (but some will remain above for sure, which will create potential resistance zones, but just how much remains is always the question).
So anyway, it appears price broke out above the trading range @6.09, then pulled back briefly to test for supply @6.29, and accelerated again until it drew out some more serious supply (quite a narrow spread upbar, close in the middle, on high volume). Then in response to the fresh supply, price pulled back and found good support, level with the previous test, and also formed a little spring. Finally in response to the spring, price has again pushed up to make another challenge to the previous highs.
So it looks OK so far, it will be interesting to see if more supply is drawn out again, or if what supply was there, has now been shaken out as price pulled back, or has been absorbed or removed. Should find out next week most probably........
