{"schema_version":"1.0","name":"BTCU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9025acbb-7999-45ce-ab22-afee8f6c4da4","symbol":"BTCU","name":"21Shares 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, 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":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":[0.076337,0.163914,0.375647,0.617814,0.616028,0.624539,0.529309,0.369702,0.130547,-0.095463,-0.325493,-0.474157,-0.504374,-0.541681,-0.516032,-0.461276,-0.357587,-0.273076,0.007728],"opens":[23.450001,25.01,25.459999,26.75,26.780001,25.610001,24.389999,24.004999,20.879999,20.82,19.985001,20.450001,21.17,20.870001,21.110001,21.584999,20.775,21.219999,20.855],"highs":[25.84,26.209999,26.110001,27.370001,26.85,25.629999,24.43,24.035,21.184999,20.82,19.985001,20.459999,21.17,20.870001,21.975,21.584999,21.775,21.219999,25.84],"lows":[23.450001,24.795,25.07,26.35,26.18,25.209999,23.955,20.040001,20.879999,20.82,19.379999,20.450001,21.17,20.870001,21.030001,20.622499,20.775,20.705,20.855],"closes":[25.77,25.785,26.01,26.385,26.184999,25.424999,24.32,20.0875,21.184999,20.82,19.862499,20.459999,21.17,20.870001,21.145,20.622499,21.434999,20.705,25.584999],"hoverRows":[[{"label":"Open","value":"23.5","className":"is-ohlc","compact":true},{"label":"High","value":"25.8","className":"is-ohlc","compact":true},{"label":"Low","value":"23.5","className":"is-ohlc","compact":true},{"label":"Close","value":"25.8","className":"is-ohlc","compact":true},{"label":"Market 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positive 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":[40.55,39.81,35.4,36.64,36.71,33.84,32.31,27.72,30.4,29.67,30.11,29.42,29.045,29.945,30.365,31.54,29.75,27.6,23.0925,22.9425,22.3575,21.915,23.565,23.695,23.225,21.86,22.1625,24.135,25.77,25.785,26.01,26.385,26.185,25.425,24.32,20.0875,21.185,20.82,19.8625,20.46,21.17,20.87,21.145,20.6225,21.435,20.705,25.585],"consensus":[99.7126,0.0,-74.5264,0.0,-31.0829,-41.9314,-39.1775,-68.8574,-11.8521,-29.1181,-22.4325,-20.609,-20.7736,0.0,0.0,14.5117,-22.8381,-41.8312,-63.0607,-30.4762,-40.4769,-31.9014,0.0,0.0,-25.0665,-38.5151,-22.8612,19.7669,40.3759,22.2306,28.569,11.1894,0.0,0.0,-14.7086,-71.9364,-10.6559,-33.2867,-33.1467,0.0,-8.8189,-17.75,-9.4111,-34.5043,18.5136,-33.4001,71.2106],"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,-42.4238,-42.7095,-62.5883,-1.6401,-22.3057,-20.6418,-28.8939,-17.7873,0.0,0.0,11.6364,-32.9645,-48.1803,-59.441,-22.6757,-39.8425,-25.0687,0.0,0.0,-35.9017,-51.1405,-25.9416,26.9218,37.9718,17.5667,27.2537,3.1873,0.0,0.0,-11.2313,-73.7884,-4.779,-31.2601,-26.795,0.0,-11.0603,-23.6566,-22.978,-47.3631,12.1499,-47.576,62.4768],"force":[99.7126,0.0,-74.5264,0.0,-14.0115,-31.0309,-24.57,-80.8213,-25.1001,-11.1467,-2.474,-7.1583,-3.9421,0.0,0.0,27.5937,-25.5916,-43.4531,-81.2355,-8.79,-20.7099,-12.1248,0.0,0.0,-18.1005,-33.394,-5.5282,38.7261,63.6288,17.4165,23.4892,3.3108,0.0,0.0,-15.2944,-96.7875,-16.0186,-14.8518,-16.187,0.0,-10.1928,-4.4945,-2.9898,-37.6587,56.5465,-34.22,98.1541],"direction":[null,null,null,null,-43.2769,-49.1547,-45.5747,-67.4764,-53.6662,-49.7404,-38.7351,-20.7482,-36.2091,0.0,0.0,8.4535,-9.2983,-33.4166,-54.2155,-54.8813,-55.3211,-53.8365,0.0,0.0,-17.6591,-27.744,-31.7215,1.9525,26.5143,30.9995,33.7007,33.2474,0.0,0.0,-18.2643,-52.069,-47.3489,-48.7705,-52.52,0.0,-19.837,-20.4678,-2.7638,-17.5554,1.38,-16.6133,61.9468],"intensity":[null,null,null,null,25.0,60.0,50.0,100.0,50.0,11.1111,30.0,9.0909,41.6667,23.0769,78.5714,33.3333,50.0,52.9412,100.0,78.9474,5.0,42.8571,40.9091,60.8696,4.1667,40.0,26.9231,55.5556,46.4286,34.4828,3.3333,35.4839,9.375,33.3333,35.2941,88.5714,77.7778,5.4054,50.0,25.641,17.5,4.878,30.9524,13.9535,25.0,22.2222,97.8261],"confirmation":[54.5747,0.2429,46.5151,0.735,54.4995,81.0783,80.0378,90.4945,8.5767,76.8739,51.9308,51.392,51.5134,4.6433,48.19,73.0862,75.2378,81.3387,88.7885,77.2104,80.3598,77.7099,6.9533,26.9057,75.6439,79.9764,52.0737,52.5441,81.6656,75.0382,77.0073,26.9062,28.0453,25.2409,72.7776,91.7488,7.269,78.1208,78.1869,5.2402,27.0496,50.5193,25.7314,78.9416,52.8081,78.497,91.7416],"persistence":[null,null,0.0,0.0,20.0,33.3333,42.8571,50.0,75.0,87.5,87.5,100.0,100.0,87.5,75.0,50.0,50.0,50.0,50.0,50.0,50.0,62.5,62.5,75.0,75.0,75.0,75.0,50.0,25.0,0.0,12.5,25.0,37.5,50.0,50.0,25.0,0.0,25.0,50.0,62.5,75.0,87.5,87.5,87.5,62.5,62.5,37.5],"assessmentRisk":[null,null,null,null,31.8889,28.7495,26.9195,15.5541,43.5142,32.8348,26.4796,43.3641,18.5097,6.4456,9.5851,33.9023,30.0637,21.8406,18.3925,34.7412,29.7456,34.0125,13.2814,26.2762,37.9241,17.5034,24.7545,3.0534,25.0333,38.0118,34.9677,43.5939,21.9788,15.9233,39.3265,14.0137,44.5427,33.1392,33.1833,13.4585,3.8693,10.827,42.6939,23.5783,0.7717,10.4131,13.4344],"volumeParticipation":true,"latest":{"consensus":71.2,"control":62.5,"force":98.2,"direction":61.9,"confirmation":91.7,"persistence":37.5,"assessmentRisk":13.4,"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":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+71.2","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+62.5","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+98.2","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."}