Level 2, personally, means nothing.
The only thing you can really do is watch the tape and see how the prints are trading.
You can have 10,000,000 shares offered and only be showing 100 shares. Further, you can show a phoney bid and display 10,000,000 shares .02 cents below the best bid, and spook the market into buying, meanwhile, you are actually a seller, offering all yuor stock for sale on the ask. Meanwhile, if your bid starts to get hit, you just pull the phoney bid.