Passe — pas de trade

The 04:45 15m candle did wick below the developing POC/dVAL cluster ($77,961.5 / $77,941.0) and close back above it, but the location is mid-range fair value, not a stop-rich, obvious swept level: price is sitting almost exactly on daily VWAP ($78,059) inside a ~340-dollar overnight range with the day open just above and dVAH/dHigh just above that. Reaction quality is poor — 1.4 BTC on the reclaim candle, 5m delta flat (-2.4 BTC), 4h OI flat and 24h backdrop short-covering — no evidence anyone defended the level. Any long from here has T1 at dVAH $78,102 and T2 at pdH/dHigh ~$78,273 against a stop below $77,932, which is well under the 2:1 floor, so there is no trade.