{"schema_version":"1.0","name":"BTC3S Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"89dac69e-d6ba-4f55-bf6f-4ded4883b1a9","symbol":"BTC3S","name":"Leverage Shares -3x Short Bitcoin ETP","exchange":"EBS","country":"CH","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","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":39,"displayedObservations":39,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","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":[0.154168,0.24516,0.374604,0.268867,0.321934,0.473925,0.535728,0.637404,0.65752,0.597299,0.4879],"opens":[39.75,37.0,44.049999,39.950001,36.0,37.150002,34.700001,32.950001,35.02,32.150002,34.849998],"highs":[39.799999,40.349998,46.099998,39.950001,36.049999,37.5,36.490002,36.75,36.799999,36.349998,35.25],"lows":[37.5,37.0,42.75,39.5,34.75,36.299999,30.450001,32.349998,31.799999,32.150002,18.35],"closes":[37.5,38.950001,43.75,39.75,35.75,36.299999,34.950001,36.75,32.349998,35.900002,20.0],"hoverRows":[[{"label":"Open","value":"39.8","className":"is-ohlc","compact":true},{"label":"High","value":"39.8","className":"is-ohlc","compact":true},{"label":"Low","value":"37.5","className":"is-ohlc","compact":true},{"label":"Close","value":"37.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.15","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"37.0","className":"is-ohlc","compact":true},{"label":"High","value":"40.3","className":"is-ohlc","compact":true},{"label":"Low","value":"37.0","className":"is-ohlc","compact":true},{"label":"Close","value":"39.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.25","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"44.0","className":"is-ohlc","compact":true},{"label":"High","value":"46.1","className":"is-ohlc","compact":true},{"label":"Low","value":"42.8","className":"is-ohlc","compact":true},{"label":"Close","value":"43.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.37","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"40.0","className":"is-ohlc","compact":true},{"label":"High","value":"40.0","className":"is-ohlc","compact":true},{"label":"Low","value":"39.5","className":"is-ohlc","compact":true},{"label":"Close","value":"39.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.27","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.0","className":"is-ohlc","compact":true},{"label":"High","value":"36.0","className":"is-ohlc","compact":true},{"label":"Low","value":"34.8","className":"is-ohlc","compact":true},{"label":"Close","value":"35.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.32","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"37.2","className":"is-ohlc","compact":true},{"label":"High","value":"37.5","className":"is-ohlc","compact":true},{"label":"Low","value":"36.3","className":"is-ohlc","compact":true},{"label":"Close","value":"36.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.47","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"34.7","className":"is-ohlc","compact":true},{"label":"High","value":"36.5","className":"is-ohlc","compact":true},{"label":"Low","value":"30.5","className":"is-ohlc","compact":true},{"label":"Close","value":"35.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.54","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"33.0","className":"is-ohlc","compact":true},{"label":"High","value":"36.8","className":"is-ohlc","compact":true},{"label":"Low","value":"32.3","className":"is-ohlc","compact":true},{"label":"Close","value":"36.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.64","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"35.0","className":"is-ohlc","compact":true},{"label":"High","value":"36.8","className":"is-ohlc","compact":true},{"label":"Low","value":"31.8","className":"is-ohlc","compact":true},{"label":"Close","value":"32.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.66","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.2","className":"is-ohlc","compact":true},{"label":"High","value":"36.3","className":"is-ohlc","compact":true},{"label":"Low","value":"32.2","className":"is-ohlc","compact":true},{"label":"Close","value":"35.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.60","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"34.8","className":"is-ohlc","compact":true},{"label":"High","value":"35.2","className":"is-ohlc","compact":true},{"label":"Low","value":"18.4","className":"is-ohlc","compact":true},{"label":"Close","value":"20.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.49","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[18.575,45.175],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.4879,"state":"Positive but weakening over four weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Accumulation pressure","detail":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","tone":"negative"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","annotations":[{"label":"Current tape relationship","value":"Accumulation pressure","detail":"Market Dynamics eased this week but remains positive.","tone":"negative"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","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":[{"date":"2026-06-12","price":37.5}]}},"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":[28.07,27.99,26.95,27.9,28.05,28.1,24.75,21.0,25.45,30.45,42.35,42.0,44.2,45.15,34.8,34.5,35.35,40.5,38.75,29.0,23.65,23.15,24.45,21.35,21.85,23.7,26.4,44.8,37.5,38.95,43.75,39.75,35.75,36.3,34.95,36.75,32.35,35.9,20.0],"consensus":[-100.0,22.4959,73.4696,-38.1817,0.0,-10.7812,-16.0983,-54.3382,19.8794,47.8298,64.0363,31.3288,46.6061,34.3101,-40.2672,-14.6918,0.0,37.0327,0.0,-55.1018,-61.7724,-41.6168,-19.3312,-39.6491,-10.7698,0.0,12.6736,68.4206,0.0,35.3426,39.1945,0.0,0.0,0.0,-10.9686,23.641,-40.3359,27.8222,-70.6699],"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,-21.1011,-13.5398,-44.8696,23.7707,43.6342,48.4372,17.3181,31.3522,19.766,-32.0883,-8.3042,0.0,42.36,0.0,-54.8796,-58.3134,-40.654,-9.9617,-28.7396,-3.4861,0.0,14.5884,69.1809,0.0,33.3557,32.5292,0.0,0.0,0.0,-1.0483,31.7711,-38.2448,32.1406,-64.6521],"force":[-100.0,22.4959,73.4696,-38.1817,0.0,-11.3744,-6.636,-72.0371,64.754,77.3696,77.4155,0.7409,38.5967,12.9964,-84.8381,-18.7754,0.0,69.0968,0.0,-85.6377,-83.8488,-28.8593,-5.2401,-44.2568,-13.1768,0.0,34.6494,84.0585,0.0,21.3503,26.6632,0.0,0.0,0.0,-23.2166,43.0891,-68.5201,54.9869,-96.5616],"direction":[null,null,null,null,0.0,-1.4366,-25.781,-52.5175,16.6212,31.525,72.3073,69.1896,69.7602,66.156,-17.7783,-19.0751,0.0,8.0414,0.0,-33.5446,-49.9567,-51.8297,-47.5902,-48.826,-36.1988,0.0,5.2119,56.3818,0.0,47.608,55.7629,0.0,0.0,0.0,-15.9536,0.4579,-22.5942,3.4834,-59.0532],"intensity":[null,null,null,null,25.0,40.0,83.3333,71.4286,75.0,77.7778,100.0,90.9091,25.0,69.2308,92.8571,80.0,37.5,58.8235,38.8889,89.4737,60.0,38.0952,22.7273,43.4783,4.1667,24.0,38.4615,96.2963,85.7143,6.8966,70.0,74.1935,53.125,9.0909,70.5882,14.2857,50.0,40.5405,94.7368],"confirmation":[54.6667,29.8654,46.1769,34.8848,25.3531,48.9506,50.2354,86.0719,33.8822,84.2697,89.1371,54.6399,82.9023,78.5513,82.3685,72.9232,27.5488,80.7465,27.003,86.5666,88.4927,80.9433,52.0311,80.9944,5.6386,5.0555,51.1413,90.3596,32.2474,78.9135,80.2619,27.4707,26.2371,47.8534,49.6233,53.3673,81.7983,54.9985,44.64],"persistence":[null,null,33.3333,0.0,0.0,16.6667,28.5714,37.5,12.5,12.5,12.5,12.5,25.0,50.0,50.0,50.0,37.5,37.5,25.0,0.0,25.0,50.0,50.0,50.0,62.5,75.0,62.5,37.5,25.0,0.0,25.0,37.5,50.0,50.0,25.0,25.0,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,4.985,13.9681,38.0039,22.8015,49.6255,10.2134,17.9485,34.3308,26.6874,32.7924,25.252,37.9883,50.1873,54.5519,28.6435,9.3939,17.251,28.9465,39.7321,27.3188,14.1455,8.5984,14.2977,15.7348,48.2358,31.3445,29.8867,33.9001,11.4486,17.4781,39.5429,35.0259,5.3145,17.1914,12.7736],"volumeParticipation":true,"latest":{"consensus":-70.7,"control":-64.7,"force":-96.6,"direction":-59.1,"confirmation":44.6,"persistence":12.5,"assessmentRisk":12.8,"intensity":94.7,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"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":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-70.7","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-64.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-96.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-59.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"38.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"35.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"24.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"5%","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 and its trend references are aligned downward.","series":[{"label":"Close","values":[28.07,27.99,26.95,27.9,28.05,28.1,24.75,21.0,25.45,30.45,42.35,42.0,44.2,45.15,34.8,34.5,35.35,40.5,38.75,29.0,23.65,23.15,24.45,21.35,21.85,23.7,26.4,44.8,37.5,38.95,43.75,39.75,35.75,36.3,34.95,36.75,32.35,35.9,20.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,27.8968,27.9337,27.3549,26.1994,26.0632,26.8608,29.677,31.9175,34.1507,36.1506,35.905,35.6496,35.5951,36.4869,36.8984,35.4623,33.3146,31.4665,30.1908,28.5834,27.3591,26.6938,26.6404,29.9421,31.3163,32.7042,34.7126,35.6285,35.6506,35.7686,35.6198,35.8253,35.1934,35.3219,32.5361],"stroke":"#176fa3","width":1.7},{"label":"Slow 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