{"schema_version":"1.0","name":"FBTG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"550b9190-1502-4e1e-93d6-b1f22dbe2609","symbol":"FBTG","name":"Fidelity Physical Bitcoin ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","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, Range position and boundary pressure, Directional strength and control, Acceleration, deceleration and rollover."},{"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":47,"displayedObservations":47,"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 has not yet established a clear direction.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","take":"Treat the repair as constructive context until price confirms it.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.103775,0.110367,0.316224,0.456717,0.472032,0.522907,0.502083,0.328834,0.153961,-0.058826,-0.267594,-0.358031,-0.431238,-0.370712,-0.27506,-0.262039,-0.17772,-0.182321,-0.012455],"opens":[5.1725,5.4225,5.6175,5.84,5.8125,5.64,5.58,4.515,4.626,4.657,4.464,4.535,4.696,4.568,4.642,4.79,4.538,4.73,4.583],"highs":[5.565,5.715,5.635,5.89,5.91,5.6675,5.62,4.57246,4.693,4.657,4.486,4.555,4.696,4.5915,4.88,4.793,4.724,4.73,5.6175],"lows":[5.16097,5.41,5.5125,5.7225,5.78,5.58,5.3325,4.414,4.599,4.612,4.377,4.504,4.6705,4.568,4.641,4.5385,4.52844,4.51,4.565],"closes":[5.6125,5.64,5.63875,5.71875,5.80375,5.5875,5.33625,4.439,4.6685,4.656,4.4455,4.537,4.6705,4.5915,4.694,4.5385,4.7065,4.528,5.56125],"hoverRows":[[{"label":"Open","value":"5.17","className":"is-ohlc","compact":true},{"label":"High","value":"5.57","className":"is-ohlc","compact":true},{"label":"Low","value":"5.16","className":"is-ohlc","compact":true},{"label":"Close","value":"5.61","className":"is-ohlc","compact":true},{"label":"Market 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remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":19,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","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":[8.8225,8.7425,7.7488,8.07,8.205,7.5438,7.2075,6.2225,6.7488,6.5438,6.6288,6.4725,6.325,6.53,6.6638,6.935,6.4488,5.9162,4.997,4.9555,4.881,4.7995,5.2213,5.28,5.1413,4.8515,4.9365,5.2838,5.6125,5.64,5.6387,5.7188,5.8037,5.5875,5.3362,4.439,4.6685,4.656,4.4455,4.537,4.6705,4.5915,4.694,4.5385,4.7065,4.528,5.5613],"consensus":[100.0,-100.0,-100.0,0.0,-44.7151,-67.8838,-63.9993,-83.4338,-11.3211,-48.4458,-37.128,-25.064,-49.8394,0.0,-12.36,23.5595,-40.8641,-66.3051,-71.5121,-39.9262,-44.7476,-38.8016,11.4343,0.0,-34.4652,-52.8297,-26.6935,21.4774,39.8059,28.0852,29.5193,12.0373,17.7052,-16.2281,-37.1884,-64.6143,-14.86,-21.7301,-40.2446,-12.6224,-23.2365,-16.8917,0.0,-40.2265,23.2735,-47.2152,-71.3533],"supportDates":["2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","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,-63.7987,-61.6574,-80.3708,-1.8104,-35.0893,-35.07,-32.1378,-51.8371,0.0,-17.2432,17.3743,-59.0428,-68.1744,-69.9336,-32.8827,-43.4558,-32.0466,5.4898,0.0,-49.6762,-61.8564,-34.4574,25.3838,39.9953,23.3376,27.9383,3.6274,8.9351,-27.1266,-46.3899,-72.6093,-7.8257,-9.7338,-38.006,-17.0304,-36.6141,-7.3878,0.0,-54.3288,19.2005,-51.2028,-61.5341],"force":[100.0,-100.0,-100.0,0.0,-21.3062,-72.8396,-66.2596,-93.2883,-57.3587,-39.5863,-6.7419,-3.4557,-32.065,0.0,-13.3333,48.8046,-42.4676,-85.182,-86.0275,-17.7568,-19.3784,-15.2283,72.4858,0.0,-31.6195,-68.8243,-2.8693,56.8143,52.0787,23.662,21.8386,0.4116,4.9084,-33.4138,-44.9894,-66.3612,-24.4034,-0.2124,-23.3444,-13.8681,-1.332,-14.5408,0.0,-41.6254,69.9506,-73.5653,-98.3286],"direction":[null,null,null,null,-61.4358,-69.0125,-65.0613,-79.8954,-71.2476,-70.0385,-61.1845,-32.4141,-60.2523,0.0,-25.1316,12.5962,-18.943,-50.6852,-62.9479,-63.8112,-64.3448,-63.3596,25.3803,0.0,-19.1139,-31.0888,-38.9367,8.2277,30.8231,36.6703,36.8125,38.8319,36.8687,-8.5029,-21.1001,-54.2295,-50.9446,-50.8099,-54.8746,-26.5065,-23.594,-29.4324,0.0,-23.1104,5.4124,-23.8365,-63.3071],"intensity":[null,null,null,null,25.0,80.0,50.0,100.0,62.5,11.1111,30.0,27.2727,8.3333,23.0769,50.0,33.3333,68.75,82.3529,100.0,78.9474,5.0,33.3333,59.0909,13.0435,12.5,40.0,11.5385,62.963,57.1429,31.0345,3.3333,35.4839,3.125,33.3333,38.2353,97.1429,30.5556,2.7027,34.2105,12.8205,25.0,9.7561,54.7619,23.2558,29.5455,31.1111,95.6522],"confirmation":[54.6667,54.6667,54.6667,2.0,58.572,89.9361,88.5843,95.0458,13.9111,83.4362,56.3196,52.5875,83.3765,8.7936,28.6089,76.4027,80.8484,89.7644,91.3503,80.2081,81.5658,79.801,11.0246,5.4902,78.7104,85.2554,53.4681,32.3121,81.109,76.9248,77.2362,27.2396,50.7426,30.0313,79.9978,88.608,8.8718,51.814,80.3973,28.7899,51.8976,50.8118,5.5181,80.7002,55.4201,83.8512,91.8048],"persistence":[null,null,33.3333,25.0,40.0,50.0,57.1429,62.5,87.5,87.5,87.5,100.0,100.0,87.5,87.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,50.0,62.5,62.5,62.5,62.5,37.5,12.5,12.5,12.5,25.0,50.0,50.0,50.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,87.5,87.5,62.5,62.5,37.5],"assessmentRisk":[null,null,null,null,19.6665,15.2756,9.6057,8.2313,43.8645,23.7754,22.5199,36.6495,11.6225,1.1767,9.9918,29.1342,35.4293,12.2077,14.1973,30.0259,27.6073,30.51,22.4389,36.2145,48.756,33.7053,20.4125,10.223,22.9081,34.8329,33.9276,42.8038,28.875,4.38,25.4796,17.6689,42.4955,38.8693,29.5591,21.6003,11.9572,3.096,34.6518,20.3837,5.2944,12.4317,12.9241],"volumeParticipation":true,"latest":{"consensus":-71.4,"control":-61.5,"force":-98.3,"direction":-63.3,"confirmation":91.8,"persistence":37.5,"assessmentRisk":12.9,"intensity":95.7,"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":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-71.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-61.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-98.3","detail":"Downward 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