{"schema_version":"1.0","name":"FBTC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"62455be6-fa8d-4492-94b3-fad6be4b5bae","symbol":"FBTC","name":"Fidelity Physical Bitcoin ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","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, Acceleration, deceleration and rollover, 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":47,"displayedObservations":47,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Positive support; price rotational","headline":"Market Dynamics is positive while price has no clear direction","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains rotational.","take":"The underlying condition is constructive, but a positive price response is still required.","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":[0.126786,0.192622,0.407117,0.568962,0.627649,0.630336,0.632431,0.39805,0.17728,-0.071623,-0.291952,-0.352519,-0.382575,-0.419624,-0.443238,-0.416925,-0.321739,-0.226584,0.037686],"opens":[6.9525,7.3175,7.6,7.9075,7.9025,7.4475,7.5125,6.05,6.1575,6.175,5.89,6.0575,6.24,6.15,6.25,6.3725,6.1175,6.375,6.2175],"highs":[7.5625,7.6775,7.635,8.035,7.9525,7.6225,7.5375,6.1525,6.265,6.19,5.9125,6.075,6.305,6.1875,6.5425,6.4125,6.375,6.385,7.65],"lows":[6.92,7.3175,7.415,7.775,7.7775,7.4325,7.1075,5.9275,6.1575,6.1,5.785,6.0225,6.24,6.15,6.2375,6.1,6.0975,6.125,6.2],"closes":[7.605,7.6125,7.6825,7.7925,7.73125,7.51125,7.19125,5.935,6.265,6.1575,5.875,6.05625,6.2675,6.1775,6.2625,6.10875,6.35125,6.1375,7.58125],"hoverRows":[[{"label":"Open","value":"6.95","className":"is-ohlc","compact":true},{"label":"High","value":"7.56","className":"is-ohlc","compact":true},{"label":"Low","value":"6.92","className":"is-ohlc","compact":true},{"label":"Close","value":"7.61","className":"is-ohlc","compact":true},{"label":"Market 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and has strengthened across the recent completed path. A slight weekly pause does not yet change the broader constructive reading.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains positive and has strengthened across the recent completed path. A slight weekly pause does not yet change the broader constructive reading.","annotations":[{"label":"Current tape relationship","value":"Sustained positive support","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"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":"Supported","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":[11.8875,11.6775,10.38,10.755,10.7775,9.9362,9.4863,8.1438,8.9337,8.7163,8.8525,8.655,8.5463,8.8112,8.93,9.2825,8.75,8.1175,6.8,6.7538,6.585,6.46,6.9437,6.9887,6.8475,6.4463,6.5325,7.1175,7.605,7.6125,7.6825,7.7925,7.7313,7.5113,7.1913,5.935,6.265,6.1575,5.875,6.0563,6.2675,6.1775,6.2625,6.1087,6.3513,6.1375,7.5812],"consensus":[100.0,-100.0,-86.2857,12.8889,-53.5365,-64.5132,-60.6662,-83.1547,0.0,-46.1726,-40.9708,-25.2294,-45.6197,0.0,-13.708,21.0182,-42.7382,-58.1795,-71.8162,-36.9476,-49.5076,-42.4204,0.0,0.0,-30.3327,-45.1553,-29.0958,23.7899,45.3648,30.0865,35.1951,17.2448,0.0,0.0,-36.5878,-63.7557,-10.8715,-33.5021,-41.4022,-11.1618,-10.8526,-14.5046,-9.2331,-35.7622,26.5545,-36.1761,72.6071],"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,-70.7195,-65.8712,-86.1716,0.0,-34.0676,-43.8769,-32.0402,-49.3696,0.0,-21.5309,15.2885,-51.62,-64.1597,-70.7858,-28.618,-47.0654,-36.4408,0.0,0.0,-43.1456,-62.1988,-36.6317,30.0028,43.354,26.4872,32.9635,2.7122,0.0,0.0,-39.3226,-78.2447,-4.9561,-29.3523,-34.6026,-14.9336,-14.6239,-16.5592,-23.4475,-48.6622,22.0442,-47.6018,63.2767],"force":[100.0,-100.0,-86.2857,12.8889,-21.9642,-44.4888,-40.2302,-81.2668,0.0,-32.9691,-11.5839,-11.3609,-27.0428,0.0,-12.2789,40.7496,-68.2541,-64.7192,-87.3711,-14.0302,-33.4764,-23.001,0.0,0.0,-20.8559,-32.8095,-0.0861,50.4739,63.0198,23.9736,29.1145,3.7012,0.0,0.0,-52.8948,-53.5759,-19.8975,-13.5605,-31.5468,-17.5114,-11.578,-0.79,-4.5198,-38.3354,71.819,-43.4209,98.5573],"direction":[null,null,null,null,-76.0882,-71.7234,-69.3147,-81.0554,0.0,-69.4379,-58.6402,-27.3518,-54.6032,0.0,-23.3297,13.4725,-14.362,-46.6738,-61.8833,-62.8369,-63.7495,-63.1252,0.0,0.0,-22.4585,-34.4954,-41.2046,2.3707,35.0522,38.5664,42.0888,43.5274,0.0,0.0,-21.8144,-54.4681,-50.9382,-52.4888,-56.2129,-27.3321,-22.5642,-23.0814,-2.8116,-19.1813,0.6226,-17.9432,64.7346],"intensity":[null,null,null,null,50.0,80.0,50.0,85.7143,62.5,11.1111,50.0,27.2727,8.3333,23.0769,42.8571,26.6667,68.75,70.5882,100.0,84.2105,10.0,23.8095,50.0,4.3478,25.0,52.0,15.3846,70.3704,57.1429,37.931,6.6667,41.9355,6.25,33.3333,32.3529,97.1429,33.3333,10.8108,31.5789,23.0769,22.5,14.6341,47.619,16.2791,29.5455,22.2222,97.8261],"confirmation":[54.6667,54.6667,50.2781,26.7911,61.0217,87.9394,86.711,94.506,15.086,82.5573,80.1708,75.547,81.975,9.0839,28.7615,75.4145,82.3185,86.7256,91.471,79.2517,83.3911,81.0738,9.6714,28.1059,77.2224,81.8137,53.6451,54.1704,83.0854,77.4962,79.1111,27.9937,28.5815,48.5717,80.1634,87.8708,8.0845,78.1762,81.052,29.0429,27.8684,49.6459,25.9498,79.3257,55.4118,79.623,92.1673],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,62.5,62.5,62.5,87.5,87.5,75.0,75.0,50.0,62.5,62.5,62.5,62.5,62.5,75.0,62.5,75.0,75.0,75.0,75.0,50.0,25.0,0.0,12.5,25.0,37.5,50.0,50.0,25.0,0.0,25.0,50.0,75.0,87.5,100.0,100.0,100.0,75.0,75.0,50.0],"assessmentRisk":[null,null,null,null,20.4504,17.4356,15.9248,8.4043,45.9642,24.2531,16.748,46.1501,5.4535,5.8494,13.2088,30.7774,39.7309,13.7738,14.0133,31.5059,25.2297,28.7507,13.6991,27.4134,41.1899,21.0838,21.6162,0.983,22.7015,34.1296,31.7174,40.6292,20.5595,14.8786,28.2352,18.1032,44.4248,33.0196,29.0487,18.949,5.7295,9.8803,42.9647,24.7566,2.6265,12.9486,12.7475],"volumeParticipation":true,"latest":{"consensus":72.6,"control":63.3,"force":98.6,"direction":64.7,"confirmation":92.2,"persistence":50.0,"assessmentRisk":12.7,"intensity":97.8,"evidenceDepth":100},"analysis":{"status":"Market Dynamics 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":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+72.6","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+63.3","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+98.6","detail":"Upward 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}