{"schema_version":"1.0","name":"BAVA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"582122d7-906b-4353-ab02-9949d0aae6e0","symbol":"BAVA","name":"BITWISE AVALANCHE ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Acceleration, deceleration and rollover, Drawdown and recovery pressure, 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":19,"displayedObservations":19,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[25.13,25.07,24.805,24.75,27.24,24.2901,25.08,23.72,18.44,18.5697,16.8505,18.1356,18.879,17.89,17.785,17.8644,17.66,17.62,17.2],"highs":[26.99,25.7,24.805,26.5791,27.4426,25.4963,25.08,24.1241,18.44,18.5697,17.36,18.35,18.879,18.1077,17.9096,17.8644,18.2024,17.669,20.4463],"lows":[24.88,24.6533,24.2445,24.521,25.48,24.29,23.59,18.0673,17.4116,17.1209,16.26,17.7299,17.4425,17.4934,16.72,17.2143,17.37,16.9759,16.01],"closes":[26.2951,25.2625,24.5543,26.5791,25.5785,24.7988,23.7244,18.0673,17.7185,17.1209,17.3021,18.2074,18.2407,17.7818,16.872,17.3244,17.3923,17.3889,20.4463],"hoverRows":[[{"label":"Open","value":"25.1","className":"is-ohlc","compact":true},{"label":"High","value":"27.0","className":"is-ohlc","compact":true},{"label":"Low","value":"24.9","className":"is-ohlc","compact":true},{"label":"Close","value":"26.3","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.9","className":"is-ohlc","compact":true},{"label":"High","value":"18.1","className":"is-ohlc","compact":true},{"label":"Low","value":"17.5","className":"is-ohlc","compact":true},{"label":"Close","value":"17.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.8","className":"is-ohlc","compact":true},{"label":"High","value":"17.9","className":"is-ohlc","compact":true},{"label":"Low","value":"16.7","className":"is-ohlc","compact":true},{"label":"Close","value":"16.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.9","className":"is-ohlc","compact":true},{"label":"High","value":"17.9","className":"is-ohlc","compact":true},{"label":"Low","value":"17.2","className":"is-ohlc","compact":true},{"label":"Close","value":"17.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.7","className":"is-ohlc","compact":true},{"label":"High","value":"18.2","className":"is-ohlc","compact":true},{"label":"Low","value":"17.4","className":"is-ohlc","compact":true},{"label":"Close","value":"17.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.6","className":"is-ohlc","compact":true},{"label":"High","value":"17.7","className":"is-ohlc","compact":true},{"label":"Low","value":"17.0","className":"is-ohlc","compact":true},{"label":"Close","value":"17.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.2","className":"is-ohlc","compact":true},{"label":"High","value":"20.4","className":"is-ohlc","compact":true},{"label":"Low","value":"16.0","className":"is-ohlc","compact":true},{"label":"Close","value":"20.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[16.289574,27.161526],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":19,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-17","price":26.2951}],"reversal_dangers":[{"date":"2026-04-24","price":25.2625}]}},"smTape":{"available":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"],"close":[26.2951,25.2625,24.5543,26.5791,25.5785,24.7988,23.7244,18.0673,17.7185,17.1209,17.3021,18.2074,18.2407,17.7818,16.872,17.3244,17.3923,17.3889,20.4463],"consensus":[34.1327,16.4039,10.5442,58.0,-28.4968,-20.6946,-45.393,-83.2405,-55.1899,-65.8244,-29.6706,-13.8904,-24.3443,-28.7012,-54.6157,-37.1145,-35.5558,-20.8674,59.8636],"supportDates":["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,-21.8138,-53.1958,-78.806,-51.9074,-70.3325,-10.2198,-9.6159,-30.0597,-37.4371,-62.6609,-39.8977,-44.8306,-22.7192,50.5407],"force":[34.1327,16.4039,10.5442,58.0,-33.674,-9.068,-33.4323,-93.1352,-25.216,-38.9186,-6.3145,-20.7776,-0.524,-6.6902,-43.9201,-9.0092,-15.8761,-2.4532,97.4737],"direction":[null,null,null,null,-24.7989,-27.7202,-45.0188,-81.241,-80.3514,-79.8908,-77.6037,-43.5384,-35.5754,-34.4395,-53.0611,-54.0088,-39.0129,-31.904,43.6541],"intensity":[null,null,null,null,50.0,80.0,50.0,100.0,100.0,11.1111,50.0,63.6364,8.3333,23.0769,35.7143,6.6667,6.25,23.5294,88.8889],"confirmation":[33.5891,27.9159,26.0408,41.2267,54.689,74.2509,82.0423,95.0061,84.7973,88.1751,55.3747,30.5527,52.3903,53.7138,85.0285,78.9777,78.6368,51.4215,55.0],"persistence":[null,null,100.0,100.0,60.0,33.3333,14.2857,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0],"assessmentRisk":[null,null,null,null,11.1655,8.512,9.0866,8.35,22.3694,17.0603,35.0811,10.8194,26.7376,33.1318,14.7191,5.3451,7.2744,1.9848,18.0885],"volumeParticipation":true,"latest":{"consensus":59.9,"control":50.5,"force":97.5,"direction":43.7,"confirmation":55.0,"persistence":75.0,"assessmentRisk":18.1,"intensity":88.9,"evidenceDepth":73},"analysis":{"status":"Completed tape has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Completed tape","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+59.9","detail":"Completed tape has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+50.5","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+97.5","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+43.7","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"33.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"8.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"39%","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":[26.2951,25.2625,24.5543,26.5791,25.5785,24.7988,23.7244,18.0673,17.7185,17.1209,17.3021,18.2074,18.2407,17.7818,16.872,17.3244,17.3923,17.3889,20.4463],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.8923,25.6935,25.3355,24.014,22.8694,21.8242,21.002,20.4939,20.0842,19.6656,19.1577,18.8243,18.564,18.3503,18.7314],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,22.8561,22.4802,22.0648,21.7136,21.3935,21.0969,21.0487],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,30.1363,30.0249,29.7194,29.4072,29.1306,28.9191,28.6644,28.4112,28.1665,27.9577],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,15.8036,14.8845,14.4821,14.2005,13.9025,13.4947,13.264,13.0971,12.9678,13.1639],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"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"]},{"key":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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