Thèse Short

The swept level is a first-touch previous-day high that is also a 1H swing high, and it sits right at the top of the 24h range (position 1.00). That is a range edge, not the middle. The trap is the textbook shape. Three minutes above the level traded 46.85 BTC, 6.13 times the median, on +22.57 BTC of buying, and open interest rose 0.33% as new longs came in. The 15m candle then closed back at $77,594, near its low, under the level and also under wVAH. The 1H candle closed with a long upper wick, and the 1m structure broke below the $77,633.7 fractal, so a fractal against the rally has formed. The selling response is only modest (-2.4 BTC), but every buyer who went in above $77,945 is now trapped under it. Funding is flat, so the crowd is not leaning short. Targets: C1 SFP 2.0 at $77,386 takes 30%, just past the pwPOC/M-Open cluster. The day VWAP at $76,667.5 (next to the 4h POC at $76,662) takes 30%. The 4h range low and tier 1 marked low at $75,591.8 takes 15%, and the runner trails the 15m candles. My T1 is a course target, so the 60-minute exit does not apply. The stop uses the default 0.2% buffer above the $78,031 wick, still under the W-Open at $78,206.