Passe — pas de trade

The gate fired on a 5-minute close below pdVAL $78,416 — but a 5m close is never a valid trigger on this book, and the most recent CLOSED 15m candle (11:30 UTC, O $78,568.6 C $78,418.7) closed essentially AT pdVAL, not decisively through it, so there is no confirming 15-minute close through the level. Corroboration is also mixed: CVD is confirming_down and OI is falling into the level (shorts covering, weak), yet the 5m delta shows a bullish divergence (+7.9 BTC) against a new low, which argues against joining the break here. Price sits mid-way between D-Open/VWAP above and dLow $78,188.6 below — no clean location, no trigger, so I pass.