Short thesis

Structure: pdPOC $64,750.5 (settled previous-day POC, sitting right under pdVAL $64,686 / dVAL $64,743 / D-Open+W-Open $64,813.6 and VWAP $64,876) — a stacked resistance shelf price has now lost. Trigger: the 14:45 UTC 15m candle wicked up to $64,758.3, poked through pdPOC and closed back below it at $64,532.0 — a rejection AT the level, so entry is at that close (the wick itself defines the invalidation) rather than chasing an extension; 5m 14:55 close down corroborates. Corroboration: price is below daily VWAP and both period opens (below value), 4h CVD confirming_down (-195.6 BTC) with 5m taker delta also confirming_down, OI easing (-0.71% 4h) as the bounce failed, Fear & Greed 30, and the day is one-time-framing lower off $65,320.6 with the whole afternoon making lower highs. Stop $64,800 sits ~0.2% above the sweep wick and above the D-Open/pdPOC cluster — a reclaim there kills the thesis. T1 is the developing day low $64,420.8 (nearest real structure, book a small piece and go breakeven); T2 is pmPOC $63,910.5, the major settled monthly POC just above the naked daily POC at $63,475.5. R:R to T2 = 621/268 ≈ 2.3:1, clearing the 2:1 floor.