Passe — pas de trade

The gate fired on a 1-minute wick/close under daily VWAP ($78,557.7) — a 1m close is never a valid trigger, and no 15-minute candle has closed as a rejection of or a break through VWAP: the last closed 15m (18:30) is a small inside-range down candle sitting right on VWAP, i.e. price is chopping around fair value with no structure. Flow is non-committal too (5m delta flat at -4.3 BTC, OI falling on short-covering), and the tape is sideways between dPOC $78,751.5 and dVAL $78,089.0 — no trend to join and no level reaction to trade. Missing element: a confirming 15m trigger close.