Short thesis

Structure: a cluster of settled Tier-1 resistance — pdEQ $85,700.6 and pwVAH $85,711.0 — sitting exactly on the developing dVAL $85,699.0, which price lost earlier today; the bounce from the $84,914 low is a backtest of that lost value edge. Trigger: the 15m candle closing 19:30 UTC (O 85,623.8 H 85,748.0 L 85,590.5 C 85,674.8) wicked ABOVE all three levels and CLOSED back below them — a rejection at the level, so the wick itself ($85,748) defines invalidation and entry at the close is valid. Corroboration: CCV bias is short with acceptance failed, 4H CVD bearish divergence, the 4H 12:00 candle closed down hard (86,161 → 85,205) establishing lower highs, price is below daily VWAP $86,022.6 and below the D/W open $86,470, and OI is bleeding on short-covering rather than fresh demand — the bounce is unbacked. Stop $85,960 gives ~0.25% room above the sweep wick and above the 15m micro-swing. T1 $85,290.5 is pwPOC/pdPOC (nearest meaningful structure), T2 $84,914.2 is the developing day low, T3 $84,651.2 the previous day low. R:R to T2 = 745 / 301 ≈ 2.5:1, clearing the 2:1 floor with the bias.