"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.
Actually it is. Recently a new version of Core was released that contained some upgrades that helped scale bitcoin and reduce tx fees.
Why would it be immune to market dynamics, the understanding of which underpins TA?
For most of its history it wasn't and its rise has been uniquely spectacular. However, when the price goes higher, the ave tx fee is bound to simultaneously increase, due to people shelling out more BTC to speed through a transaction. Trading stocks and bonds and commodities doesn't work this way. Most trade brokers offer a flat trading fee -- it doesn't change with the price of the security being traded.
Okay so I did what you asked. BTC reached its all-time high on 12-10-17. The all-time high for fees was on 12-20. So what was your point again?
Anybody can read anything however they want to and make a compelling argument for their prediction. I believe bitcoin's upward potential is limited by an increasing non-competitiveness in transaction fees, which means its intrinsic value morphs according to its price, or adjustments made to the Core client.
That's why its different from anything that's ever been traded before: first of all, unlike most things that are traded, it was built to be traded. It just so happens that because of the way it works, as it becomes more popular and the system gets strained, people have to pay more $$ to rush their transaction into the next block. This causes it to lose some of its innate value as a currency. That's what its for. It's not meant for speculation. Then again, most things that are traded aren't.