Obviously technical analysis is nothing but work of graphs and mathematical curiosity. It is just set of calculation which can be used to predict the future which may or may not be true in reality. I am sure that everything depends on the fundamental principle of the bitcoin and other crypto currencies. You can do somewhat right prediction depending on what are the factors that are changing surrounding to bitcoin or else you can also track down the developments of the bitcoin and what wold be effect of the same in public. There are many fundamentals like this which can actually affect the prices. Not the technical one as it is based on data set generated previously.