Passe — pas de trade

The only tradeable direction here is long (open short on this book), and the long case is weak: the 15m at 06:30 merely wicked VWAP $84,060 and closed back above it inside a tight $83,685–$84,443 chop — a minor reclaim, not an obvious stop-rich swept level. Corroboration contradicts it: 4h CVD bearish divergence, 5m delta flat (+4.5 BTC, no buy response), the day is down 2.6% with price under the day open $84,336 and beneath a heavy distribution (pdVAH $85,595 / pdPOC $84,264 overhead), and OI is only short-covering. A poor reaction with no delta confirmation at a mid-range location is a pass.