How is this related to Bitcoins, gentlemand ?
Aw man. I dunno. You need a Technical Analysis advocate. I'm most definitely not sold on the whole concept.
In essence it charts predictable levels of support or resistance in the price movement. The inventor was born around 850 years ago which maybe says it all.
Not a TA "advocate"... but I have found that it is important to pay attention to markets at certain (very basic) support/resistance levels. I mean, if you are trading - how else do you get in/out with sensible Risk/Reward?