{"schema_version":"1.0","name":"MBTC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b380991b-512d-43c7-9fa4-2bf778a6bb7d","symbol":"MBTC","name":"Mélanion BTC Equities Universe UCITS ETF EUR","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted 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, Strength versus the research benchmark, Drawdown and recovery pressure, Range pressure and compression, 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":68,"displayedObservations":68,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.20083,-0.296511,-0.585361,-0.721576,-0.829781,-1.022922,-1.078173,-1.098794,-1.044631,-0.993563,-0.953452,-1.040364,-1.140525,-1.216966,-1.319342,-1.300622,-1.291263,-1.310016,-1.287163,-1.324061,-1.319734,-0.944463,-0.56862,-0.166152,0.364283,0.506692,0.659663,0.908212,0.842008,0.855893,0.828066,0.687259,0.588397,0.452106,0.242521,0.080334,-0.189421,-0.431298,-0.622571,-0.662663],"opens":[17.516001,16.002001,19.1,17.790001,16.936001,16.4,15.356,16.306,16.822001,18.23,17.309999,15.456,14.256,14.308,13.082,13.526,13.222,14.21,12.85,12.148,12.344,13.368,15.354,15.792,15.602,17.388,17.208,18.472,18.736,18.384001,19.572001,17.486,16.596001,16.818001,14.856,14.93,16.07,14.858,14.868,14.93],"highs":[17.516001,19.084,19.1,18.709999,16.936001,16.556,15.69,17.302,18.858,18.274,17.728001,15.796,15.036,14.308,14.432,14.986,13.974,14.21,13.582,12.28,13.3,15.808,16.153999,15.792,17.972,18.356001,18.472,19.9,18.736,19.190001,19.572001,17.922001,16.782,17.195999,14.974,16.784,16.07,15.518,14.918,16.195999],"lows":[15.184,16.002001,17.577999,17.018,15.178,16.016001,15.06,16.306,16.822001,17.356001,16.114,12.826,13.434,13.342,13.002,13.526,13.206,13.22,11.968,11.632,12.23,12.894,15.252,14.34,15.602,16.982,16.478001,18.472,17.379999,18.384001,19.572001,17.486,16.596001,16.540001,14.722,14.93,14.08,14.656,14.176,14.13],"closes":[15.364,19.084,17.577999,17.018,16.049999,16.016001,15.69,17.261999,18.809999,17.496,16.114,14.028,14.184,13.692,13.538,14.334,13.918,13.22,11.968,12.042,13.3,15.808,15.77,15.06,17.191999,17.278,18.472,19.686001,17.379999,18.954,19.572001,17.922001,16.667999,16.540001,14.722,16.034,14.892,14.792,14.392,15.974],"hoverRows":[[{"label":"Open","value":"17.5","className":"is-ohlc","compact":true},{"label":"High","value":"17.5","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.4","className":"is-ohlc","compact":true},{"label":"Market 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weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"14.9","className":"is-ohlc","compact":true},{"label":"High","value":"16.2","className":"is-ohlc","compact":true},{"label":"Low","value":"14.1","className":"is-ohlc","compact":true},{"label":"Close","value":"16.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.66","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[11.50492,20.149081],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.662663,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","detail":"Market Dynamics weakened this week and 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":"Lagging price","detail":"Price is extended relative to Market Dynamics. 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Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":50.0,"averageReturn":-0.4,"sample":4},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 50.0% of comparable cases moved lower after 12 weeks, with an average move of -0.4% across 4 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 16.9% across 4 completed cases, with the largest move arriving after 6.5 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","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":[12.646,14.242,13.704,13.162,14.296,13.666,13.606,13.758,15.306,15.878,16.734,15.848,14.476,14.562,15.27,15.726,15.584,15.038,18.454,19.92,19.016,23.62,25.22,23.675,23.485,23.795,20.6,17.56,15.364,19.084,17.578,17.018,16.05,16.016,15.69,17.262,18.81,17.496,16.114,14.028,14.184,13.692,13.538,14.334,13.918,13.22,11.968,12.042,13.3,15.808,15.77,15.06,17.192,17.278,18.472,19.686,17.38,18.954,19.572,17.922,16.668,16.54,14.722,16.034,14.892,14.792,14.392,15.974],"consensus":[77.6471,100.0,-100.0,-58.0,63.1829,-14.8784,9.4587,25.0475,68.267,61.133,64.934,0.0,-36.9049,-13.7778,11.4207,33.4592,18.971,-13.0354,68.935,75.4114,0.0,86.8763,67.8732,0.0,21.5193,13.5791,-37.9163,-58.1063,-71.4065,23.9916,-48.2208,-35.9261,-30.673,-42.8828,-19.3795,16.6306,40.0286,-17.7274,-39.1964,-52.572,-32.2585,-44.826,-34.0803,0.0,-15.8704,-47.7698,-65.5743,-30.1328,0.0,59.5294,27.7917,0.0,62.8303,23.6964,62.1566,70.6829,-13.2637,54.6181,37.4573,0.0,-22.7881,-29.0597,-66.1798,9.4112,-42.006,-34.9034,-33.8209,-29.9411],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","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":[17.7869,-23.3502,74.3135,75.7406,0.0,91.046,60.322,0.0,6.8004,3.8737,-37.9705,-58.123,-71.245,37.0275,-50.9181,-42.9708,-37.3535,-46.624,-5.8062,27.8321,45.1421,-31.8988,-51.1743,-53.9259,-26.4207,-42.6664,-29.9699,0.0,-5.596,-56.9833,-65.8551,-23.0215,0.0,54.084,24.1988,0.0,56.3779,15.6741,65.3824,67.5795,-27.6911,54.8121,37.3686,0.0,-28.389,-31.3187,-68.4936,13.9329,-42.7478,-35.8314,-41.2488,-31.0622],"force":[3.469,-27.6833,72.6429,87.8409,0.0,99.4974,69.306,0.0,13.5987,12.2536,-72.4026,-72.4378,-88.3007,75.387,-52.1123,-27.6889,-21.7314,-23.7406,-1.6327,38.9177,49.8752,-23.8038,-43.2689,-43.241,-7.3421,-29.8428,-11.1821,0.0,-9.2385,-45.1638,-80.8399,-5.6003,0.0,94.9883,13.4939,0.0,84.5968,1.2307,60.475,82.2527,-45.7252,56.7106,16.6345,0.0,-25.3675,-27.3612,-82.8855,58.3235,-37.6914,-19.9737,-18.7547,-75.3863],"direction":[31.3971,-9.2156,60.1396,66.1569,0.0,73.0958,75.4797,0.0,63.425,43.1228,-13.2212,-47.8503,-59.5237,27.6177,-42.3584,-33.7587,-29.425,-52.2801,-49.9006,12.0904,27.1514,-2.8087,-22.5986,-57.6896,-56.7276,-57.9964,-55.1337,0.0,-32.3496,-39.1015,-54.3492,-55.7833,0.0,40.425,42.1106,0.0,54.6571,48.9116,59.6712,65.9654,-26.4114,52.9017,52.4321,0.0,-14.5446,-27.6911,-51.6027,30.6939,-44.2401,-44.507,-36.0935,-3.8012],"intensity":[12.5,35.2941,100.0,94.7368,50.0,100.0,95.4545,73.913,58.3333,48.0,88.4615,85.1852,92.8571,89.6552,66.6667,22.5806,71.875,30.303,38.2353,68.5714,63.8889,56.7568,60.5263,87.1795,25.0,24.3902,4.7619,30.2326,43.1818,22.2222,56.5217,59.5745,56.25,81.6327,80.0,35.2941,78.8462,63.4615,50.0,76.9231,78.8462,65.3846,42.3077,75.0,46.1538,5.7692,76.9231,67.3077,36.5385,13.4615,15.3846,63.4615],"confirmation":[50.9497,29.0932,90.0902,92.5054,13.1444,96.1215,89.8782,38.1179,8.9412,6.32,81.1834,87.0305,91.3674,37.6034,83.5081,79.138,77.4411,81.0821,28.7829,31.0763,81.0313,51.5745,80.4845,84.518,54.9856,81.9206,78.2705,8.2471,50.3663,83.0665,89.4447,54.3365,31.7291,88.213,76.5124,4.7788,88.8674,52.3537,87.7897,91.0184,33.3149,85.5386,79.3531,3.6777,75.2854,77.2129,89.6514,33.648,81.2991,78.6999,78.2503,57.0933],"persistence":[37.5,12.5,12.5,25.0,37.5,62.5,62.5,50.0,50.0,75.0,50.0,25.0,12.5,12.5,12.5,25.0,50.0,75.0,75.0,50.0,25.0,50.0,50.0,50.0,50.0,50.0,50.0,62.5,87.5,87.5,87.5,87.5,75.0,50.0,25.0,25.0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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":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-29.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-31.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force 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current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[12.646,14.242,13.704,13.162,14.296,13.666,13.606,13.758,15.306,15.878,16.734,15.848,14.476,14.562,15.27,15.726,15.584,15.038,18.454,19.92,19.016,23.62,25.22,23.675,23.485,23.795,20.6,17.56,15.364,19.084,17.578,17.018,16.05,16.016,15.69,17.262,18.81,17.496,16.114,14.028,14.184,13.692,13.538,14.334,13.918,13.22,11.968,12.042,13.3,15.808,15.77,15.06,17.192,17.278,18.472,19.686,17.38,18.954,19.572,17.922,16.668,16.54,14.722,16.034,14.892,14.792,14.392,15.974],"stroke":"#10243b","width":2.1},{"label":"Fast 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