Passe — pas de trade

The gate fired on a 5-minute VWAP reclaim, but a 5m close is never a valid trigger on this book — the most recent CLOSED 15m candle (15:00 UTC, O 78,499.7 C 78,583.0) is just a small up-candle drifting through VWAP, not a close through or rejection at a Tier-1/Tier-2 level with a defined invalidation wick. Structure is also unclear: price flushed to 77,576.9 (a fresh developing day low with no prior swept level beneath it), then V-recovered back to VWAP/dPOC — chop between dVAL 78,062 and dVAH 78,899, i.e. the middle of the developing value area, which is a no-trade zone. Delta 5m is flat (+0.1 BTC) with tiny volume on the recovery leg and OI is falling (short covering), so reaction quality at VWAP is poor — no participation confirming the reclaim.