I agree with looking at the entire picture and seeing the context of an extended downtrend followed by a ranging period where volume spikes. This is a pattern for accumulation as you've stated. We however have to take into account accumulation indicators, which are a derived from price and volume.

However just because the pattern makes sense doesn't mean it's 'technically' accumulation we're seeing. Like I said above, overall volumes and changes in volume have to be taken into account.

My value for the Accumulation/Distribution indicator may be over exaggerated due to the rise in the price of BTC - however I think it's still loosely accurate.

We might be close to some kind of accumulation, but I don't think the market is quite ready. It's one thing to notice the pattern and a few spikes in volume, it's another to actually call that accumulation. Also we need to take into account the implications of HF16 on the ranging period.

I think this article provides a little more context above and beyond the pattern.

http://www.investopedia.com/articles/trading/08/institutional-effect.asp