Passe — pas de trade

The trigger is a 15m close back below pmVAH $77,682 after the 06:00 candle spiked to the day high $77,873 — a rejection of the prior-month VAH — but the directional corroboration is missing, not just the retest: 4h CVD is confirming_up, funding is neutral +0.010%, the 24h OI backdrop is a healthy uptrend, and the day has been a strong up-day off $76,282.8 through the D-open/W-open at $76,748.8, so a short here fades an intact intraday uptrend. Price is also sitting right on dPOC $77,490.5 / VWAP $77,417.8 — the middle of developing value, the no-trade zone — with flat 5m delta (+68 BTC) showing no sell response at the level. Poor reaction quality plus a counter-bias read = pass; I want either a proper failed-auction reclaim with delta response or a pullback long at VWAP/dVAL before engaging.