Passe — pas de trade

The gate fired on a 5-minute wick-and-reclaim of the M-Open ($78,511.5), but a 5m close is never a valid trigger on this book — the most recent CLOSED 15m candle (17:15, O 78,639.9 H 78,665.9 L 78,500.0 C 78,541.3) closed DOWN and is sitting on the level, not rejecting it with a reclaim shape; there is no 15m trigger. Reaction quality is also poor: Delta 5m is flat (+3.5 BTC), volume into the level is negligible (0.2–1.4 BTC per minute), OI is falling (short_covering -2.0%), and price is pinned exactly at daily VWAP $78,557.7 / M-Open $78,511.5 — the middle of developing value, a no-trade zone. With CCV not in play and 4h CVD showing bearish divergence against a long here, the directional read is uncorroborated.