Passe — pas de trade

This isn't a real swing failure. It's noise at a point of control (POC) in the middle of a balanced range. The level swept is pwPOC at $81,579.5, which is the week's fair-value price, not an obvious high with stops resting beyond it. Price has crossed it again and again all morning: the 15m range since 03:00 is $81,375 to $81,888, and the 10:15 candle already traded up to $81,705.9. So there was no pool of stops above it to run. The wick only went $27.9 past the level, on a 0.6 BTC candle with almost no 1m volume. No one was trapped, and there was nothing for anyone to absorb. Delta is flat (-1.42 BTC, partial coverage) and shows no aggressive selling at the level. The context doesn't support a short either: CVD shows a bullish divergence, open interest is drifting lower, and the change-in-control-of-value (CCV) bias is not in play. Price is sitting on the pd_poc / dev_poc / VWAP / dev_val cluster, right at fair value. That is rotation, not a rejection from an extreme. The 2.48:1 on paper depends on price leaving balance, and nothing here shows that it will. I'd rather wait for a sweep of a real extreme, such as the day's high around $81,889 to $81,929 with the week open, or pwVAH, or pdL.