that is true but you are forgetting about a very important thing, you are posting this on a bitcoin forum and trading extends to also altcoins. in these markets technical analysis, pattern studies, etc. are not working really. generally speaking these are not accurate to begin with and when you come in crypto market you see that their efficiency drops drastically to a point that all of it becomes useless in most case scenarios.
It's because TA is so much better suited to more established and proven markets which have shown their resilience. In the same way it would be much more effective if used on well established stocks and shares instead of blue-chips.
