Passe — pas de trade

This isn't a real swing failure. Price had already broken down through the pdPOC ($83,337.5) on the 01:45 close after an $1,100 drop in 45 minutes. This candle opened below the level and only retested it from underneath with a $46 wick. That's a pullback after a breakdown, not stops being run above a watched high, and pdPOC is an 'other'-tier level, not an obvious extreme. The entry at $83,202.6 sells straight into stacked support: pdVAL $83,109, dev low $83,147 and pmVAH $83,245 (tier 1). That's why T1 is only $35.6 away and does nothing as a target. Delta 5m is flat (-3.74 BTC, complete coverage), with no absorption or rejection at the level. The daily context was bullish yesterday (strong close up, above pwH), and today's drop is momentum, not a failed auction. With the R:R to T2 at only 2.04:1 and dependent on breaking tier-1 support first, I'm not chasing a short at the bottom of an exhausted move.