One likely scenario that is favorable to us is that there is a...

One likely scenario that is favorable to us is that there is a buyer who wants to accumulate big at this level (35~38c)

But because there is not much depth, you can't accumulate much without inadvertently bumping the price up.
So the buyer waits patiently until some depth accumulates.
And every time there is around 2M~3M across couple of pips, it gets taken out pretty quick.

And then, the buyer waits again, perhaps throwing some down at a lower price point, to tame the SP.
This is what could have happened today. 10M or so orders were executed to bring the price up to 38.5c and it only took ~2M to finish the day in the red. Shaking weak hands off.