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Yes, I have observed this many times but, as with all things market, the condition can still resolve in either direction - price moving or offers moving, with or without a great deal of liquidity consumption in the process. In other words it makes for pretty pictures but little in the way of usable edge.
Indeed. It is definitely not an edge. As a matter of fact, I don't even take trading decisions based on the DOM as there always seems to be some sort of manipulation, as is the case with equities (spoofing etc.)
This alone in itself is not an edge. Coupled with recent price action, time of the day, are there any icebergs, do the orders come and go, etc ... that might give you a clue or two ...
