{"schema_version":"1.0","name":"BTC3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"51e4dd36-824c-405d-bf12-db235ef750b8","symbol":"BTC3","name":"Leverage Shares 3x Long Bitcoin ETP","exchange":"EBS","country":"CH","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, Activity pressure and cumulative balance, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Range position and boundary pressure, Directional strength and control."},{"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":39,"displayedObservations":39,"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":["2026-06-12","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":[0.126613,0.07298,0.129696,-0.101762,-0.183329,-0.231607,-0.241102,-0.224438,-0.177443,-0.114129,-0.016835],"opens":[7.6,7.3,6.45,6.8,7.5,7.1,7.4,7.65,6.65,7.636,7.0],"highs":[8.0,8.05,6.75,6.9,7.65,7.1,8.348,7.65,7.6,7.636,14.4],"lows":[7.55,7.3,6.0,6.7,7.4,6.85,7.35,6.75,6.55,6.55,6.85],"closes":[8.0,8.0,6.4,6.75,7.4,7.048,7.35,6.75,7.45,6.7,14.15],"hoverRows":[[{"label":"Open","value":"7.60","className":"is-ohlc","compact":true},{"label":"High","value":"8.00","className":"is-ohlc","compact":true},{"label":"Low","value":"7.55","className":"is-ohlc","compact":true},{"label":"Close","value":"8.00","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.13","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.30","className":"is-ohlc","compact":true},{"label":"High","value":"8.05","className":"is-ohlc","compact":true},{"label":"Low","value":"7.30","className":"is-ohlc","compact":true},{"label":"Close","value":"8.00","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.07","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.45","className":"is-ohlc","compact":true},{"label":"High","value":"6.75","className":"is-ohlc","compact":true},{"label":"Low","value":"6.00","className":"is-ohlc","compact":true},{"label":"Close","value":"6.40","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.13","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.80","className":"is-ohlc","compact":true},{"label":"High","value":"6.90","className":"is-ohlc","compact":true},{"label":"Low","value":"6.70","className":"is-ohlc","compact":true},{"label":"Close","value":"6.75","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.10","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.50","className":"is-ohlc","compact":true},{"label":"High","value":"7.65","className":"is-ohlc","compact":true},{"label":"Low","value":"7.40","className":"is-ohlc","compact":true},{"label":"Close","value":"7.40","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.18","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.10","className":"is-ohlc","compact":true},{"label":"High","value":"7.10","className":"is-ohlc","compact":true},{"label":"Low","value":"6.85","className":"is-ohlc","compact":true},{"label":"Close","value":"7.05","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.23","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.40","className":"is-ohlc","compact":true},{"label":"High","value":"8.35","className":"is-ohlc","compact":true},{"label":"Low","value":"7.35","className":"is-ohlc","compact":true},{"label":"Close","value":"7.35","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.24","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.65","className":"is-ohlc","compact":true},{"label":"High","value":"7.65","className":"is-ohlc","compact":true},{"label":"Low","value":"6.75","className":"is-ohlc","compact":true},{"label":"Close","value":"6.75","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.22","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.65","className":"is-ohlc","compact":true},{"label":"High","value":"7.60","className":"is-ohlc","compact":true},{"label":"Low","value":"6.55","className":"is-ohlc","compact":true},{"label":"Close","value":"7.45","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":"7.64","className":"is-ohlc","compact":true},{"label":"High","value":"7.64","className":"is-ohlc","compact":true},{"label":"Low","value":"6.55","className":"is-ohlc","compact":true},{"label":"Close","value":"6.70","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.11","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.00","className":"is-ohlc","compact":true},{"label":"High","value":"14.4","className":"is-ohlc","compact":true},{"label":"Low","value":"6.85","className":"is-ohlc","compact":true},{"label":"Close","value":"14.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.02","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":[5.935,14.615],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.016835,"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":11,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-28","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":[38.82,37.61,38.75,33.35,31.495,32.3,35.65,40.32,32.4,25.56,13.05,12.45,11.75,10.4,12.9,13.0,12.004,9.95,10.1,13.0,15.638,15.4,14.35,16.3,15.658,14.138,12.4,6.9,8.0,8.0,6.4,6.75,7.4,7.048,7.35,6.75,7.45,6.7,14.15],"consensus":[-100.0,-100.0,87.0688,0.0,-57.9138,-26.7904,0.0,46.6868,-46.243,-68.3886,-75.5491,-47.483,-45.9895,-53.8606,-10.2089,-10.5044,-38.1176,-49.5783,-39.0072,0.0,30.0666,10.8387,-11.5462,18.1374,-15.3371,-22.9406,-35.6587,-64.7238,-13.3947,-18.5213,-46.1615,-26.1931,-28.1576,-16.463,-18.8713,-35.9574,0.0,-33.8947,-71.1605],"supportDates":["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,-20.4035,0.0,39.5994,-49.8057,-61.9576,-68.3838,-36.5739,-33.7698,-43.3824,-14.7381,-5.0802,-47.5705,-61.8808,-49.2302,0.0,25.8883,6.0602,-26.8244,2.4268,-26.1088,-32.3111,-39.6814,-66.4689,-0.2115,-7.115,-37.9479,-36.8488,-41.5818,-14.6519,-37.2517,-50.5497,0.0,-43.7888,-61.3708],"force":[-100.0,-100.0,87.0688,0.0,-32.1233,-9.0405,0.0,58.824,-75.6061,-84.2936,-80.6707,-20.7751,-20.4905,-37.5058,-47.8791,-21.8044,-28.9575,-45.9429,-15.4276,0.0,68.7196,16.8561,-11.4757,42.4993,-23.8212,-22.5794,-44.6571,-80.0476,-14.7856,-2.9443,-53.2632,-3.3346,-6.7884,-0.1807,-2.4739,-33.3343,0.0,-37.7655,-98.5926],"direction":[null,null,null,null,-76.3355,-46.7681,0.0,46.1172,-21.1976,-64.3775,-80.0795,-79.0277,-78.1685,-77.5176,-46.5242,-39.7811,-33.8573,-38.1149,-44.1663,0.0,7.2324,12.0018,-5.8643,18.6911,-3.0335,-12.4895,-24.6339,-51.7838,-48.5899,-46.8896,-50.4759,-30.3426,-28.0795,-30.1632,-13.1117,-21.1542,0.0,-19.8222,-62.7546],"intensity":[null,null,null,null,50.0,20.0,66.6667,57.1429,100.0,88.8889,100.0,72.7273,25.0,30.7692,42.8571,46.6667,56.25,35.2941,22.2222,47.3684,45.0,23.8095,9.0909,52.1739,8.3333,44.0,46.1538,85.1852,14.2857,3.4483,26.6667,6.4516,9.375,6.0606,29.4118,8.5714,13.8889,18.9189,94.7368],"confirmation":[54.6667,54.6667,50.5287,1.92,62.6867,76.1293,24.8301,83.4177,83.6383,90.4671,92.441,82.5468,82.1257,84.8966,34.3084,7.111,79.7744,83.5668,79.6079,30.1762,56.1963,49.0579,50.0442,52.1192,50.9828,75.1872,79.6237,89.152,6.7826,28.7412,83.1133,52.8561,53.488,50.1329,50.9693,79.2041,5.7513,78.8135,91.7566],"persistence":[null,null,33.3333,25.0,40.0,50.0,42.8571,25.0,25.0,25.0,50.0,62.5,62.5,62.5,75.0,100.0,100.0,100.0,100.0,87.5,62.5,37.5,37.5,12.5,12.5,12.5,12.5,25.0,50.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,62.5],"assessmentRisk":[null,null,null,null,20.8512,35.5356,37.7618,25.5011,34.3033,11.915,12.2092,26.2571,26.9874,22.9318,3.532,11.0463,21.8024,19.94,7.6483,3.0292,19.0138,38.3293,46.6621,39.3013,8.2891,20.557,23.0886,17.6236,43.2185,40.4021,26.5602,9.5923,0.7838,16.5934,34.0322,17.9787,1.9427,6.5496,13.7755],"volumeParticipation":true,"latest":{"consensus":-71.2,"control":-61.4,"force":-98.6,"direction":-62.8,"confirmation":91.8,"persistence":62.5,"assessmentRisk":13.8,"intensity":94.7,"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":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-71.2","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-61.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-98.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-62.8","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"92/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"50.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"20.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"38.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"67%","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":[38.82,37.61,38.75,33.35,31.495,32.3,35.65,40.32,32.4,25.56,13.05,12.45,11.75,10.4,12.9,13.0,12.004,9.95,10.1,13.0,15.638,15.4,14.35,16.3,15.658,14.138,12.4,6.9,8.0,8.0,6.4,6.75,7.4,7.048,7.35,6.75,7.45,6.7,14.15],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,36.5454,35.7735,35.7511,36.5818,35.8215,33.9557,30.1547,26.9357,24.1746,21.6702,20.0756,18.7891,17.5555,16.1726,15.0685,14.6924,14.8644,14.9617,14.8505,15.1141,15.213,15.0175,14.5416,13.1522,12.2155,11.449,10.531,9.8435,9.3993,8.9718,8.6769,8.3266,8.1672,7.9004,9.0367],"stroke":"#176fa3","width":1.7},{"label":"Slow 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compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,31.7021,79.5701,130.4898,619.1048,164.7957,152.0768,225.3711,483.2985,396.1349,319.1916,98.8155,95.9062,26.3749,136.1345,85.4284,56.8812,233.1209,81.9504,21.257,111.8266,329.3136,41.0859,4.4409,275.7664,13.1309,25.4983,6.9156,249.899,109.3081,127.7821,112.7821,508.0459],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,130.1235,121.846,65.0,65.0,65.0,65.0,91.6473,118.8615,93.4524,85.5917,93.2036,95.2189,106.3803,99.125,94.1612,117.128,108.7115,106.5421,94.8259,65.0,68.9419,68.9419,65.0,65.7797,67.2815,66.8867,81.4883,75.4349,82.2198,76.0833,111.9814],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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BTC3 Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/51e4dd36-824c-405d-bf12-db235ef750b8/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}