Passe — pas de trade

The 15m 05:45 close did reject VWAP ($86,712.6) and close back below pdH/pdVAH, which is a valid short-side trigger, but the corroboration points the other way: 4h CVD is confirming_up, OI is in a healthy uptrend (+0.40% 4h, +1.85% 24h) with funding only mildly positive, value is migrating clearly higher day over day, and price is still above the day open and inside developing value — a counter-trend short into an uptrend with only a 5m delta divergence backing it. Structure is also poor for a short: dVAL $86,373 / D-Open $86,154 sit barely $70–$290 below entry, so the honest first objective gives well under 2:1 against a stop above the $86,735 rejection wick. Only a short may be recorded on this book and this one does not clear the floor with the bias against it.