Statistical and quantitative analysis of trading level 2 data has been established in the trading community but has been long overdue for Bitcoin (for obvious reasons like liquidity and volume in my view) so it's great to see  such analysis of order book by "Jonathan Heusser" which can help Bitcoin traders with quantitative skills to create models for short term prediction of the market movements.

http://jheusser.github.io/2013/09/08/hawkes.html