Bar 12 is a No Supply/Shakeout. Even though the next bar is up, I would not consider it a successful test because the following bar (bar 13) is gaped up and it has a lot of weakness.
The two down bars between bar 13 and bar 14 look more like a test of the demand that entered the market in bar 5. However, they have not been confirmed. I would not look for longs until the price shows lack of supply above 50. There is a lot of activity around the price levels of bar 1 and 3. Therefore, those levels need to be taken out before confirming that there is accumulation taking place and expecting a strong move to the up side. Note that the price is still inside a long term down trend channel. It also has to be broken before expecting a major up move.
I think you can call this an accumulation phase. Look at the volume on your #3. And we are back in a old high volume area where traders were locked in. and with much less volume.
About this chart, bars 1 and 3 definitely have hidden buying, however, I would like to see the 50 price level taken out and successfully tested before identifying the accumulation area. At the moment, the market could be in the beginning of the accumulation process and it could still make new lows.
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