{"schema_version":"1.0","name":"ABTC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b9a5b5a4-d115-4dbb-8d31-9a136829aec5","symbol":"ABTC","name":"21Shares Bitcoin ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","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, Drawdown and recovery pressure, Range position and boundary pressure, Acceleration, deceleration and rollover, Directional strength and control, 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 improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","take":"Treat the repair as constructive context until price confirms it.","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":[-0.078648,-0.075439,0.114463,0.310043,0.40558,0.463211,0.515586,0.299606,0.078706,-0.113418,-0.352152,-0.39453,-0.392078,-0.414974,-0.375698,-0.356355,-0.334934,-0.273648,-0.069389],"opens":[17.565001,18.355,18.790001,19.815001,19.660999,19.059999,18.82,15.48,15.555,15.61,15.135,15.345,15.825,15.45,15.73,16.120001,15.33,15.95,15.44],"highs":[19.055,19.385,19.115,19.943911,19.885,19.110001,18.82,15.48,15.785,15.74,15.135,15.345,15.865,15.5125,16.485001,16.135,15.92,15.955,18.855],"lows":[17.525,18.355,18.57,19.34,19.620001,18.84,17.92,14.925,15.555,15.61,14.69,15.26,15.775,15.45,15.665,15.32,15.33,15.27,15.44],"closes":[19.01,19.1,19.09,19.365,19.6525,18.92,18.0525,15.0175,15.785,15.74,15.03,15.3225,15.775,15.5125,15.8475,15.32,15.8825,15.2825,18.77],"hoverRows":[[{"label":"Open","value":"17.6","className":"is-ohlc","compact":true},{"label":"High","value":"19.1","className":"is-ohlc","compact":true},{"label":"Low","value":"17.5","className":"is-ohlc","compact":true},{"label":"Close","value":"19.0","className":"is-ohlc","compact":true},{"label":"Market 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repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.9","className":"is-ohlc","compact":true},{"label":"High","value":"16.0","className":"is-ohlc","compact":true},{"label":"Low","value":"15.3","className":"is-ohlc","compact":true},{"label":"Close","value":"15.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.27","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.4","className":"is-ohlc","compact":true},{"label":"High","value":"18.9","className":"is-ohlc","compact":true},{"label":"Low","value":"15.4","className":"is-ohlc","compact":true},{"label":"Close","value":"18.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.07","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[14.7394,19.9306],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.069389,"state":"Negative but repairing over four weeks","context":{"scenario":"negativeRepair","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but 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":"Repairing","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":[30.09,29.81,26.43,27.59,27.95,25.7,24.55,21.1825,22.965,22.2675,22.54,22.0,21.505,22.195,22.65,23.565,21.915,20.115,16.9725,16.8325,16.575,16.285,17.72,17.9,17.43,16.45,16.74,17.915,19.01,19.1,19.09,19.365,19.6525,18.92,18.0525,15.0175,15.785,15.74,15.03,15.3225,15.775,15.5125,15.8475,15.32,15.8825,15.2825,18.77],"consensus":[100.0,-100.0,-73.3812,0.0,-39.3125,-58.5102,-53.2563,-81.3891,-16.8335,-44.9388,-36.326,-30.0768,-47.2193,0.0,-11.8752,24.1266,-42.0292,-61.2373,-70.7908,-37.6435,-44.0181,-37.6483,8.1928,0.0,-30.1699,-46.0542,-32.0361,16.2457,37.1745,26.4072,28.2351,11.3363,15.225,-10.4701,-38.3604,-61.147,-11.58,-20.2112,-36.8564,-11.2194,-23.2188,-12.2322,0.0,-46.8252,16.5995,-44.7775,-71.9395],"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,-61.1831,-56.5234,-77.3294,-3.4848,-34.438,-34.2531,-33.0176,-51.1385,0.0,-16.4078,16.7817,-55.9761,-65.5763,-69.0148,-30.4791,-42.0518,-30.9415,4.5031,0.0,-43.9342,-59.7834,-39.7044,25.3547,39.1269,21.4176,26.0469,3.4969,4.8959,-19.0704,-43.1145,-73.3158,-3.9491,-7.3568,-31.9561,-13.7242,-36.384,-7.0961,0.0,-54.621,19.5466,-53.7323,-62.7394],"force":[100.0,-100.0,-73.3812,0.0,-12.6063,-42.3908,-34.8541,-91.6962,-35.8453,-28.8992,-7.2345,-22.1882,-24.9477,0.0,-13.1726,53.7911,-52.5207,-70.9531,-85.6887,-13.5902,-20.2346,-13.9569,60.4515,0.0,-23.7582,-45.8104,-11.4519,35.9431,45.7166,22.4506,22.4588,0.3921,4.0533,-22.1585,-54.9151,-51.725,-18.3273,-1.6672,-20.0955,-14.673,-1.3283,-3.4219,0.0,-67.294,43.9629,-59.2113,-98.9821],"direction":[null,null,null,null,-58.3883,-66.9693,-62.6669,-78.6666,-69.7169,-68.3964,-59.4746,-32.3506,-58.6484,0.0,-24.5863,11.3319,-18.5958,-49.3387,-62.1792,-63.0123,-63.2536,-62.2355,24.9181,0.0,-19.019,-30.5377,-37.9753,8.2341,28.8417,34.9358,34.8618,36.6658,35.0095,-7.7076,-21.1024,-53.9696,-50.6901,-50.5295,-54.4288,-26.8514,-23.8088,-29.2837,0.0,-23.2951,6.3138,-24.2335,-63.1378],"intensity":[null,null,null,null,25.0,80.0,50.0,85.7143,50.0,11.1111,20.0,18.1818,8.3333,15.3846,50.0,33.3333,68.75,76.4706,100.0,73.6842,5.0,23.8095,59.0909,13.0435,8.3333,52.0,26.9231,59.2593,53.5714,31.0345,6.6667,32.2581,9.375,30.303,47.0588,91.4286,27.7778,2.7027,50.0,20.5128,17.5,12.1951,61.9048,20.9302,25.0,28.8889,95.6522],"confirmation":[54.6667,54.6667,46.1487,1.5909,56.6925,86.1913,84.4314,94.4205,11.6317,82.0516,56.1026,77.3393,82.3717,6.2494,28.4444,76.7365,81.5566,87.8259,91.1342,79.422,81.3909,79.4276,9.5864,5.0513,77.2492,82.5207,77.5074,30.0834,80.1264,76.4058,76.8925,26.9925,27.3556,50.5532,80.7074,87.0945,7.7831,29.019,79.3579,28.5599,51.8956,26.9122,4.9925,83.4891,52.7811,82.6322,91.985],"persistence":[null,null,33.3333,25.0,40.0,50.0,57.1429,62.5,87.5,87.5,87.5,100.0,100.0,87.5,87.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,50.0,62.5,62.5,62.5,62.5,37.5,12.5,12.5,12.5,25.0,50.0,50.0,50.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,87.5,87.5,62.5,62.5,37.5],"assessmentRisk":[null,null,null,null,22.6764,19.991,15.3546,9.2604,41.1219,25.5898,23.2978,38.3552,13.1937,0.8505,9.4572,28.7107,35.6907,14.7029,14.5583,31.1672,27.9724,31.0922,23.6265,37.0805,45.8413,29.8384,18.0078,7.516,24.0056,35.6172,34.4741,43.0707,29.9385,7.4119,25.0741,19.4037,44.1397,39.6443,31.2607,19.7664,11.1075,5.9094,35.3466,23.2792,2.6846,10.426,12.617],"volumeParticipation":true,"latest":{"consensus":-71.9,"control":-62.7,"force":-99.0,"direction":-63.1,"confirmation":92.0,"persistence":37.5,"assessmentRisk":12.6,"intensity":95.7,"evidenceDepth":100},"analysis":{"status":"Market 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":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-71.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-62.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-99.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-63.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"92/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"54.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.5%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"35.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"78%","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 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and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,-2.17,-2.1685,-2.1064,-1.9607,-1.9558,-2.0733,-2.3924,-2.6263,-2.8002,-2.9277,-2.8797,-2.7949,-2.7341,-2.7335,-2.6788,-2.5116,-2.2647,-2.0382,-1.8384,-1.6389,-1.441,-1.328,-1.2935,-1.4939,-1.5726,-1.6199,-1.6952,-1.7115,-1.6687,-1.6371,-1.5669,-1.5362,-1.4497,-1.4133,-1.0905],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-2.0854,-2.083,-2.1449,-2.2412,-2.353,-2.4679,-2.5503,-2.5992,-2.6262,-2.6477,-2.6539,-2.6254,-2.5533,-2.4503,-2.3279,-2.1901,-2.0403,-1.8978,-1.777,-1.7204,-1.6908,-1.6766,-1.6803,-1.6866,-1.683,-1.6738,-1.6524,-1.6292,-1.5933,-1.5573,-1.4639],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1296,0.0097,-0.2476,-0.3852,-0.4472,-0.4598,-0.3294,-0.1957,-0.108,-0.0859,-0.0249,0.1138,0.2886,0.412,0.4895,0.5512,0.5993,0.5698,0.4835,0.2265,0.1182,0.0567,-0.0149,-0.0249,0.0143,0.0367,0.0855,0.093,0.1436,0.144,0.3734],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"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"]},{"key":"directional","eyebrow":"Trend 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}