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These occur when a “faster” and shorter term MA indicator crosses over the longer term or “slow” indicator. In the below image, we have an example of a classical 50-day MA crossover of the 200 day MA indicator. In this case, the crossover is an indication of a bearish trend and Bitcoin (BTC) should be shorted, http://orlandofilmmaker.com/forums/profile/binance47647298/. In either case, you, as a market maker, can adjust your quotes based on the skew of the book. Moreover, when market makers compete with each other, if the tick size is small, you often see this “penny jumping” behavior. Market makers compete for fill priority by jumping each other and laddering up on the book until some capitulation point is reached and there is a sole “winner” for fill priority. After a winner has been determined, the runner-up often drops back down to one tick in front of of the next best bid or offer. 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