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.
"Its essence is digital?" If I say the essence of gold is metal, does that tell you something about how the gold market moves? I don't think so. What does it have to do with anything? The nature of Bitcoin is not changing all the time. It's rather society's
opinion towards it that changes. This boils down to markets.
It's very simple: Bitcoin is bought and sold like anything else. The market is
necessarily determined by supply and demand, like any other market. Why would it be immune to market dynamics, the understanding of which underpins TA?
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.
Take a chart of median/average transaction fees paid over time. Then lay the chart over
a Bitcoin price chart for the same period.
Seems like the opposite is true. As fees rise, so does Bitcoin's price.