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What is a market depth chart? Is this chart a good measure of fluctuations or trade in the field of cryptocurrencies or not?

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You have probably seen a chart called Market Depth in various exchanges such as Bainance in the charts section. Which with two colors green and red shows us a chart that is constantly changing. In fact, this red chart shows the sellers of that cryptocurrency at different prices; And the green chart shows the buyers of that cryptocurrency at different prices. Some people believe that we can trade based on this market depth chart. In this way, if people are heavily selling that crypticurrency, we will notice that a negative news has been published. And it’s better if we have that cryptocurrency, sell it as soon as possible; Conversely, if we see that the purchase of a cryptocurrency has increased and the green color of this chart is increasing, then we realize that there is positive news and many people are inclined to buy that cryptocurrency because of this.
Note that this is a market depth chart for orders that have not yet been processed. And there are people who have placed their purchase or sale order at different prices and their order has not been approved yet.
But the important thing is that we only see sellers and buyers who have registered their order as a limit type. If the seller or buyer has placed his order conditionally, such as a stop limit, you will not be able to see that order in the chart until that condition and stop have occurred.

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