Passe — pas de trade

Pass: although the closed 03:00 UTC 15m candle closed through VWAP ($64,976), the tape is choppy and the reaction fails the stricter post-two-loss bar—5m delta is flat, OI is nearly flat with a short-covering 24h backdrop, and nearby dPOC support at $64,853.5 compresses payoff. A short near $64,967 with honest invalidation beyond $65,015 and T2 at the $64,775 dVAL/pwPOC cluster offers only about 1.1:1 R:R, below the required 2:1.