Passe — pas de trade

The gate fired on a 5m wick-and-close-back-below pdL ($77,317.4) — but a 5m close is never a valid trigger on this book, and the most recent CLOSED 15m candle (19:00 UTC, O $77,081.7 H $77,239.9 C $77,136.2) never even traded up to pdL, so there is no 15-minute rejection close at the level. Structurally the read is also conflicted: the 18:45 candle swept the day low $76,336.8 and reclaimed hard (bullish failed-auction shape, 5m delta +35.5 confirming up, OI falling = shorts covering), which argues against shorting a lower-high rejection here, while the 4h/1h trend and 4h CVD remain down. No confirming 15m close, conflicting flow — pass.