{"schema_version":"1.0","name":"TXBC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0d11300c-e7d0-4cea-934a-2b7480b90fb1","symbol":"TXBC","name":"21SHARES FTSE CRYPTO 10 EX-BTC INDEX ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Range position and boundary pressure, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Directional strength and control, Range pressure and compression."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":41,"displayedObservations":41,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[0.05561,-0.039601,-0.13412,-0.269778,-0.352426,-0.400537,-0.449334,-0.454693,-0.405292,-0.371749,-0.323085,-0.178797,-0.048687],"opens":[15.293,14.77,12.74,13.66,13.151,12.14,13.335,12.8202,13.13,13.455,13.03,13.31,13.255],"highs":[15.293,15.01,12.88,13.88,13.27,12.7238,13.36,13.81,13.69,13.455,13.369,13.31,16.61],"lows":[14.72,11.85,12.2951,12.8101,11.68,11.87,12.641,12.8202,13.085,13.03,12.99,13.04,13.17],"closes":[14.8883,12.0465,12.68,12.8101,12.1405,12.7238,13.09,13.1156,13.085,13.0785,13.2229,13.1001,16.4643],"hoverRows":[[{"label":"Open","value":"15.3","className":"is-ohlc","compact":true},{"label":"High","value":"15.3","className":"is-ohlc","compact":true},{"label":"Low","value":"14.7","className":"is-ohlc","compact":true},{"label":"Close","value":"14.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.06","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"14.8","className":"is-ohlc","compact":true},{"label":"High","value":"15.0","className":"is-ohlc","compact":true},{"label":"Low","value":"11.8","className":"is-ohlc","compact":true},{"label":"Close","value":"12.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.04","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"12.7","className":"is-ohlc","compact":true},{"label":"High","value":"12.9","className":"is-ohlc","compact":true},{"label":"Low","value":"12.3","className":"is-ohlc","compact":true},{"label":"Close","value":"12.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.13","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.7","className":"is-ohlc","compact":true},{"label":"High","value":"13.9","className":"is-ohlc","compact":true},{"label":"Low","value":"12.8","className":"is-ohlc","compact":true},{"label":"Close","value":"12.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.27","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.2","className":"is-ohlc","compact":true},{"label":"High","value":"13.3","className":"is-ohlc","compact":true},{"label":"Low","value":"11.7","className":"is-ohlc","compact":true},{"label":"Close","value":"12.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.35","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"12.1","className":"is-ohlc","compact":true},{"label":"High","value":"12.7","className":"is-ohlc","compact":true},{"label":"Low","value":"11.9","className":"is-ohlc","compact":true},{"label":"Close","value":"12.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.40","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.3","className":"is-ohlc","compact":true},{"label":"High","value":"13.4","className":"is-ohlc","compact":true},{"label":"Low","value":"12.6","className":"is-ohlc","compact":true},{"label":"Close","value":"13.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.45","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"12.8","className":"is-ohlc","compact":true},{"label":"High","value":"13.8","className":"is-ohlc","compact":true},{"label":"Low","value":"12.8","className":"is-ohlc","compact":true},{"label":"Close","value":"13.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.45","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.1","className":"is-ohlc","compact":true},{"label":"High","value":"13.7","className":"is-ohlc","compact":true},{"label":"Low","value":"13.1","className":"is-ohlc","compact":true},{"label":"Close","value":"13.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.41","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.5","className":"is-ohlc","compact":true},{"label":"High","value":"13.5","className":"is-ohlc","compact":true},{"label":"Low","value":"13.0","className":"is-ohlc","compact":true},{"label":"Close","value":"13.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.37","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.0","className":"is-ohlc","compact":true},{"label":"High","value":"13.4","className":"is-ohlc","compact":true},{"label":"Low","value":"13.0","className":"is-ohlc","compact":true},{"label":"Close","value":"13.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.32","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.3","className":"is-ohlc","compact":true},{"label":"High","value":"13.3","className":"is-ohlc","compact":true},{"label":"Low","value":"13.0","className":"is-ohlc","compact":true},{"label":"Close","value":"13.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.18","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.3","className":"is-ohlc","compact":true},{"label":"High","value":"16.6","className":"is-ohlc","compact":true},{"label":"Low","value":"13.2","className":"is-ohlc","compact":true},{"label":"Close","value":"16.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.05","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[11.781432,16.729368],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.048687,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[23.3645,20.428,22.5051,21.9675,22.0839,21.3332,20.7106,21.9627,22.1304,23.1222,21.0238,19.4335,15.4236,15.07,14.8974,14.3697,14.7142,15.4973,15.5995,14.6294,14.8263,15.6962,16.8009,16.1948,15.93,16.3307,16.1089,15.1708,14.8883,12.0465,12.68,12.8101,12.1405,12.7238,13.09,13.1156,13.085,13.0785,13.2229,13.1001,16.4643],"consensus":[-76.8477,-100.0,40.6104,0.0,-25.9247,0.0,-33.4672,18.653,0.0,30.2829,-38.1397,-59.455,-74.6372,-40.3602,-40.2604,-49.1829,-34.1266,0.0,-27.435,-45.0966,-24.2281,0.0,39.0304,0.0,0.0,17.2098,-19.4814,-42.5519,-31.4508,-71.7013,-19.1281,-43.7858,-53.0487,0.0,0.0,-10.7687,-15.1787,-17.268,0.0,-17.3784,-69.9654],"supportDates":["2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,0.0,-33.8949,25.6223,0.0,24.2682,-39.6886,-58.0143,-65.7993,-26.2511,-28.5397,-42.0217,-41.5555,0.0,-41.7472,-58.7329,-34.9711,0.0,34.1225,0.0,0.0,12.0708,-21.5943,-46.8624,-36.1493,-75.1027,-16.0272,-49.9066,-52.5139,0.0,0.0,-17.2651,-31.7068,-30.8909,0.0,-26.5136,-64.6453],"force":[-76.8477,-100.0,40.6104,0.0,-16.9701,0.0,-19.1759,39.7364,0.0,34.7912,-64.827,-62.8918,-85.191,-12.908,-10.4392,-25.6518,-5.8179,0.0,-11.4551,-42.645,-0.9121,0.0,78.554,0.0,0.0,36.3463,-29.5545,-55.0395,-23.2266,-85.5287,-25.9155,-23.697,-52.0748,0.0,0.0,-1.3658,-7.1007,-10.3177,0.0,-15.6137,-86.1009],"direction":[null,null,null,null,-32.3209,0.0,-43.1865,4.3715,0.0,33.9365,-17.3071,-58.6465,-77.1992,-76.0934,-74.9564,-74.175,-45.8569,0.0,-22.4924,-31.2633,-28.6047,0.0,16.4084,0.0,0.0,9.4139,-9.8716,-28.706,-31.9557,-57.9372,-54.846,-51.1398,-54.3554,0.0,0.0,-12.0116,-2.0594,-6.6636,0.0,-8.1987,-64.5201],"intensity":[null,null,null,null,50.0,80.0,16.6667,42.8571,62.5,33.3333,80.0,54.5455,100.0,76.9231,28.5714,20.0,18.75,17.6471,50.0,36.8421,5.0,23.8095,45.4545,8.6957,8.3333,8.0,3.8462,51.8519,10.7143,93.1034,83.3333,45.1613,56.25,18.1818,29.4118,14.2857,5.5556,5.4054,2.6316,2.5641,97.5],"confirmation":[47.2579,54.6667,35.662,0.7209,53.2199,47.9662,78.2674,52.7712,24.6648,77.9196,80.9944,87.1523,92.3402,80.2936,80.1531,83.1305,55.2779,9.232,76.0741,82.1484,52.212,28.4643,81.7691,26.8338,1.6763,74.1686,74.5088,81.9315,77.742,91.314,32.9908,81.306,84.954,6.6716,26.4392,48.6019,27.0258,50.4397,24.2811,73.3681,90.9617],"persistence":[null,null,33.3333,25.0,40.0,33.3333,42.8571,25.0,12.5,12.5,12.5,25.0,25.0,37.5,37.5,62.5,75.0,87.5,87.5,87.5,87.5,75.0,50.0,37.5,25.0,12.5,12.5,12.5,12.5,25.0,50.0,62.5,75.0,87.5,75.0,75.0,75.0,75.0,62.5,62.5,37.5],"assessmentRisk":[null,null,null,null,17.729,29.2926,25.2242,9.4879,4.9386,28.0826,29.8041,17.4879,12.6446,29.8147,29.8426,25.3656,7.3061,12.5742,37.2197,31.8288,16.3868,3.8989,15.8785,44.9192,36.8252,30.6578,31.4231,24.6103,30.6037,14.1321,40.3458,27.309,23.1418,27.2934,23.3998,22.1444,47.2779,27.8526,7.3389,7.7929,14.5462],"volumeParticipation":true,"latest":{"consensus":-70.0,"control":-64.6,"force":-86.1,"direction":-64.5,"confirmation":91.0,"persistence":37.5,"assessmentRisk":14.5,"intensity":97.5,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-70.0","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-64.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-86.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-64.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"91/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"47.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"7.9%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"38.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"93%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[23.3645,20.428,22.5051,21.9675,22.0839,21.3332,20.7106,21.9627,22.1304,23.1222,21.0238,19.4335,15.4236,15.07,14.8974,14.3697,14.7142,15.4973,15.5995,14.6294,14.8263,15.6962,16.8009,16.1948,15.93,16.3307,16.1089,15.1708,14.8883,12.0465,12.68,12.8101,12.1405,12.7238,13.09,13.1156,13.085,13.0785,13.2229,13.1001,16.4643],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,22.5268,22.3098,22.019,22.0088,22.0309,22.2293,22.0101,21.5417,20.4293,19.4549,18.6262,17.8523,17.2818,16.9573,16.7104,16.3321,16.0583,15.9925,16.1394,16.1495,16.1096,16.1498,16.1424,15.9657,15.7698,15.0929,14.6542,14.3189,13.9228,13.7048,13.593,13.5062,13.4296,13.3658,13.3398,13.2962,13.8722],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,21.7684,21.2723,20.8,20.3237,19.9082,19.5815,19.2865,18.9415,18.6367,18.4189,18.299,18.1432,17.9792,17.8571,17.7276,17.5382,17.3419,16.9497,16.6334,16.3502,16.0384,15.7928,15.5926,15.4092,15.237,15.0771,14.9398,14.8035,14.9265],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,23.7458,23.6608,23.8501,25.1244,25.6842,25.9514,26.1285,26.1315,26.0034,25.8533,25.7619,25.2598,25.0806,24.5457,24.0468,23.4612,22.9571,22.5135,21.7259,20.7434,19.3226,18.2234,17.4094,17.5316,17.56,17.5524,17.5604,17.5442,17.442,17.3042,17.2599,17.4913],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}