Passe — pas de trade

The 09:00 UTC 15-minute candle technically rejected developing VAL $63,493, but the reaction is below the stricter bar required after two consecutive losses: the sweep was only $1.3, volume was thin, and 4h OI was flat, so there is no meaningful participation/trapped-position confirmation. Although 5m delta and 4h CVD confirm downside, the healthy-uptrend 24h OI backdrop conflicts; pass rather than short this weak dVAL reaction.