In the cryptocurrency market, indeed, technical analysis works as well. Many traders seen this. From this point of view, it is easier to work on this market. Although the risk is a big.
If technical analysis was that much of a thing, don't you think it would be a bit more reliable than it is right now for traders? I constantly see people refer to how important it is, but yet they fail to put it to work in a profitable manner.
If enough people believe it works, then it is more likely to work, but based on what's actually happening, it doesn't work at all despite people keep saying it does. In other words, people just rehash that what others are saying.
I don't really believe that's gonna happen. TA is not just a couple of methods, so even if all people start believing in it and that it works, that won't mean anything in practice, that won't magically make it work all of a sudden. People should not believe in TA as such, they should all believe in one specific approach or another. Then someone with deep pockets will show up and take advantage of the mob mentality to strip these dudes off of their money. Other than that, I agree that it doesn't work at all, if only in retrospect but since you can't earn profits retrospectively, it still remains utterly irrelevant.
Overall, trading is less likely to be betting on a good outcome if you have some technical understanding, but that's directly it. I have yet to see someone successfully put technical analysis to work during volatile market phases.
I'm not sure what you mean by technical understanding here but it doesn't look like you refer to some technical aspects of how Bitcoin or some other coin works as this has little to do with TA in particular and trading in general.