So that's one method that speculators used to be able to predict the price movement of crypto. However, let me tell you that it is not a guarantee that those analysis are 100% correct.
Yup. Technical analysis is subjective. Charts are quite flexible and can be shaped the way you want them to be. Currently I am focusing on a large decending triangle on the daily, but some others are focusing on a bullish flag that's playing out, and so there are a few more patterns. The million dollar question is; who will be right?
Most people either can't accept being wrong and for that reason keep their positions open thinking they can still profit (which usually leads to liquidation), or they try trading once, fail, then consider technical analysis to be bs. Not sure which of the two is worse though.