Passe — pas de trade

The 04:45 UTC 15-minute candle did reject VWAP $64,964.9 by wicking above and closing below, but the stricter bar required after two consecutive losses is not met: the reaction had very low volume, flat OI/short-covering backdrop, and bullish 5-minute delta divergence opposing the short. Structure is also balanced around developing POC/value rather than cleanly trending, so corroboration and reaction quality are insufficient.