Passe — pas de trade

The gate fired on a 5m close below the M-Open/D-Open ($78,511.5), but a 5m close is never a valid trigger — the most recent CLOSED 15m candle (01:15 UTC, O 78,466.5 H 78,576.7 L 78,317.4 C 78,356.0) closed below the open but is a thin, low-volume overnight break with price still sitting AT the break level, not at a retest; the current 15m candle is FORMING. Corroboration is also mixed: funding is slightly negative, OI is flat/falling (shorts covering, not new longs trapping), Delta 5m is flat with no response, and the daily/weekly structure is a chop-range between pdL 77,317 and pdH 79,199 with sentiment at Greed — no clean directional read to short into. Poor reaction quality plus no valid 15m retest entry means pass.