SurfStitch Group Limited – Possible Class Action, page-27

Yes, that's correct. People place the bid further down in hope that it will not get hit. Basically what you have stated. Although they may have no intention to buy sometimes they are caught out and left holding the bag.

You never trade on depth. Rule No.1 Depth is easily manipulated.

For example: that whole buy side could literally be 1 buyer. We know it's highly unlikely but is possible. You trade based on facts and research.

Where will this go? Anyones guess but mine is lower.