What the bid says...When you see a huge jump in volume on an illiquid stock. And that volume is imbalanced (ie: initiated by sellers). And that volume quickly dries up, followed by:
- massive orders posted on the bid
- inside the high volume range of the 2/3 day market profile
- that aren't being hit
It often means the party posting the buy orders knows they aren't going to get filled. And they are trying to window dress and encourage buyers to return to the market to make the chart look less scary before selling resumes.
For what it's worth, I've been trading many different types of markets for a very very long time. There are other explanations for this activity, this is just an (educated) hypothesis.