Passe — pas de trade

The 22:15 UTC 15m candle produced two-sided structure—rejecting Tier-1 pmVAH $65,203 for a short while closing back above dVAH $65,141—but neither side clears the payoff/quality bar. The dVAH long to dHigh $65,444.9 is only about 1.8:1 with a properly buffered stop below the $65,131.7 wick, while the pmVAH short to VWAP $64,981.7 is below 1:1; flat 5m delta and falling OI from short covering further weaken the reaction.