Does technical analysis by others hold any weight for you when you're trading? This is something I've been meaning to get the thoughts of people in a while but I was afraid the overwhelming optimism would have drowned out impartial opinions.

In my view, technical analysis isn't much more than looking at charts and drawing lines. So called analysis that focus on bitcoin markets tend to completely overlook factors such as volumes even. The half-trolling "wall observer" thread in bitcoin talk seems to me like a better observer of bitcoin prices other than any of the well know technical analysts that focus on charts. This whole "science of charts" seems to have very negligible predictive ability if we're going to consider the ones that are public at least.

One thing that to me appears to have an impact on bitcoin markets is the sentiment. Which is something notoriously hard to measure. And not to forget, there's now academic bibliography that supports BTC has low correlation tor real world markets, but very high correlation among other cryptos.