Passe — pas de trade

The 10:25 UTC 5m candle closed below the developing dPOC at $62,592.5, but a developing POC is not an eligible level here and the close did not break or reject an eligible settled level, developing value-area edge, naked POC, or daily VWAP. Continuation is also invalid because the 1m/5m/15m tape is choppy rather than consistently trending, while flat 5m delta and conflicting bearish 4h CVD provide no clean corroboration.