Passe — pas de trade

The only recordable direction here is a short (this book already holds an open long), and a short has no clean case: the 15m 13:00 close below pmVAH $77,682 is a marginal rejection inside a violent bullish impulse — the 12:30 candle swept the day low $75,907.5 and reclaimed with a 1H close up at $77,961.7, CVD confirming_up, 5m delta +114 BTC, CCV long_bias and funding barely positive. Shorting that is fading momentum straight against the bias and against a fresh failed-auction low reclaim, with no confirmed LTF structure change (no lower low AND lower high on closes). Corroboration is the missing leg, so I decline rather than wait.