Yes, it works but not everytime. And as liquidity is very low, volatility is very high. There is also big manipulations with pump and dump groups and fake news to hype a coin.
Correct, and that is what confuses people, they think that technical analysis should work 100% of the time and that is simply impossible, technical analysis is a way to improve your predictions about what the market is going to do and a way to try to profit from those movements, that is all, even if you can only predict how the market is going to move 60% of the time that is good enough to get profits.
TA is not last true. it work definitely, I agree. But we should understand that it work not in the extreme conditions. For example panic sell or close to this state can't be predicted by TA. But if we add cluster analyse or some mass psychology it can be more exact