How can it be overrated ? Everything in trading depends on candlesticks. By looking at the candlestick charts, you can determine when it is good to invest or when it is bad. How would we get the signals if there was no candlestick? I think this question has no logic because trading analysis fully depending on candle stick . So I can't agree with that it's overrated.
One thing some traders does not know is that the market can not be easily traded using one pattern which can bring losses. When I started trading I learnt the candle stick pattern but I still get confused of the market when I will want to put my candle stick knowledge in use. Nothing works in isolation so we just need to couple everything about trading in one use.
Candle stick pattern can be combined to indicators to get some good understanding about what could be the possible movement of the market. All these work hand in hand to get the best results from the market since multiple tools is what could give us a better possible direction of the market.