Basically any technical indicator is overrated
~snip~
It's not, and I think the word "overrated" is the wrong word to use. Because like ANY skill, to make Technical Analysis very effective for the user, it will take thousands of hours of practice, and "the gift". Simply, there are some people who are going to be more skillful than others in Technical Analysis. The earlier you know if you don't have "the gift", better for you to start using another strategy, BUY the DIP and HODL.
Got to disagree with that, and overrated is exactly the right word to use here, furthermore technical analysis in my opinion is not just any other skill and won't necessarily make you a better trader or even make you better at using those technical indicators to get better outcome, they're just merely a tool for you to use to get better at predicting probability of what happens next with the chart you're using, and by better I mean maybe 10-20% more than a person without any knowledge about charting and how technical analysis works.
Now if someone really put some real time into some other skill like fixing car engines instead for instance they probably could increase their chance of fixing cars to over 90%, can you get even get close to 90% success rate in trading with TA?
Don't bother with those YouTubers/Influencers that tell you: you can make x amount of money with learning this or that new indicator or learn how to read charts, there's no 100% chance of making money on trading unless it's in bull market and that requires no skill nor TA knowledge, most of them are full of shit and only share their wins and just randomly share some loss here and there to make it look more natural and their source of making money is usually being that Influencer/Youtuber and not being a good trader/chartist/TA guy.