That makes sense. I didn't account for automated high frequency trading, but I also assumed that part of what makes technical analysis less applicable to crypto is the general lack of trading expertise creating a more random market. Add to that relatively low trading volume and you get every pumper's dream and every technical analyst's nightmare.
That's pretty much the case on the low volume altcoins. High volume and liquidity markets like BTCUSD I find technical analysis is still very useful even though not as precise as on futures markets.