You are completely wrong, the whales need to use indicators as well to tell them what to do, however more than anything they need to watch the volume of a coin and the volume of the exchanges in which they are trading because it is very easy for them to crash the price if they are not careful, if anything whales have even more limitations since everything they do affects the market.
Whales use their money to manipulate the markets that the basic idea. Now when they are going to do so and in what direction they are going to pull the market is still a mystery. We think that they watch the technical analysis but there may be other factors too.
They may watch the movement of small fishes and decide to dump on them when price rises as well. Then watch the panic sell happen and buy back at low price. It is important to note that these movements actually make new people curious of the market. Without whales no big rise or crash would occur and the market would be stagnant like it is this week.