ahab333...you labeling is totally backwards and you are confusing what the trader daily sentiment, motivating and "causing" the trader to buy or sell with the POSTING of a large bid or large ask "causing" the reaction.
Larger Bid is always TECHNICALLY "pressure to buy" (bullish) as in 160,000/1,000 bid/ask
Larger ASK is always TECHNICALLY "pressure to sell" (bearish) as in 1,000/160,000 bid/ask
You are misinterpreting and mislabeling what happens when a 160,000 share bid (buyer) sitting there and there "appears" to be only a 1,000 ask (seller). THAT IS AN "APPARENTLY" Bullish Bid/Ask scenario.
But many large block buyers and seller don't show their hands...and are sitting and waiting (either way) for blocks to appear at a particular price point, rather than aggressively "chasing" and causing their order to move the stock either way, away from their price point (causing them to pay more ...driving the ASK up while buying more, or driving the Bid down while selling and losing more)...
On a day when suddenly a large block "bid" or (bids) appear(s)...wanting to "buy" ... technically a bullish indicator, it is actually neutral (either way) until you see the market REACT to block bid or ask.
When you have large BID blocks getting filled each time they appear...you have a seller who has not been showing his hand (not posting his/her trade intentions) but wants to unload "volume" ... apparently bearish sentiment...at least for that trader. (if constantly happens during the day in multiples of daily volume, then it is definitely a bearish sign...of many sellers).
BUT...when you have large BID blocks posted...but NOT GETTING FILLED...and sitting there...as in the last two days...it is bullish...NO SELLERS to fill the buyers orders at that price point.
The reverse is true on the ASK also...
What you are observing when a large Bid appears and it gets filled right away, ...and then another, then another...is a bearish sentiment...
When traders are equivocating (do I hold or sell?)...and they see the large sale, it sometimes triggers the selling decision, ESPECIALLY if there is a large enough block to get filled on without having to sell lower. And when there is Bullish sentiment and a large ASK appears...it gets bought...it sometimes triggers more buying (panicking..."oh I'm going to miss this opportunity").
The underlying sentiment for the day decides if the large bid/ask is going to be filled or just sits there, NOT the posting of the bid or offer.
So obviously the posting of a Large Bid or Large Ask...is not on its face a "bearish" sign or "bullish sign" until the MARKET REACTS TO IT...
THE POSTING OF THE BID DID NOT CAUSE THE SELLING...AS EVIDENCE OF THE LARGE BID NOT GETTING FILLED! The investor/trader is going to tell you if its a bullish or bearish day, based upon how they react to the offer to buy (the Bid)...and the offer to sell (the Ask).
A large BID is not pressure on the bid... it is pressure on the ASK...and vica versa... What the investor/traders do to those Bids and Asks tells you what the investor/trader sentiment (bullish or bearish) on that day.
IMHO, what we say on Wed and Thursday was consolidation...and yesterday...Large Bid sitting there and not getting filled is a move to a Neutral sentiment (or bottoming)...pointing to a reversal...after some selling (consolidation) pressure. A move and close over .615 would be a confirmation and reversal.
