Thèse Long

Structure: previous-day high $64,458.8 (Tier 1 settled level) has been broken to the upside and is now being back-tested as support — an SR flip at an obvious, stop-rich level, with dVAH $64,549 sitting just above as the developing edge price is pressing. Trigger: the 15m candle closing 17:15 UTC wicked BELOW pdH to $64,438.3 and CLOSED back above it at $64,501.5 — a rejection/reclaim AT the level, so the wick itself defines the invalidation and entry at the close is permitted (5m 17:25 close up corroborates). Corroboration: 4h CVD confirming_up (+241.5 BTC), OI healthy_uptrend +0.82% on 4h / +1.08% on 24h (new money, not just covering), funding benign at +0.0030%, price above daily VWAP $64,257 and above D-open $64,020 with value migrating higher day over day; CCV not in play so no conflicting bias. Stop $64,280 gives ~0.25% buffer beneath the sweep wick and below VWAP — a close back under there kills the flip. T1 = developing day high $64,685.5, the nearest real structure and the level that must give way; T2 = pmVAH $65,203 (Tier 1 monthly value edge) — R:R to T2 is ~3.2:1 against $221 of risk. T1 is a near/minor level so I take a QUICK-to-moderate 0.35 there and leave the stop at the original invalidation.