Ah, finally somebody who gets it.

As others began to explain, BTC is not beholden to the trader psychology theories that underpin classical technical analysis. That's because its not a stock or a commodity -- its essence is digital and its nature is changing all the time.

BTC has a price ceiling which is determined by its average transaction fee. If the ave tx fee goes too high, BTC loses its intrinsic value as a currency and is no longer competitive. That doesn't happen with commodities. The amount it costs to trade gold is always flat regardless of its price or current popularity.