Using this indicator alone without formulating a general strategy will lead to wrong results, as despite the high trading volumes, Bitcoin fails to reverse its direction, but by following the pattern for a longer period, the closer the price is to the top, the easier it is to break it and with lower trading volumes next time.
I fully agree with your point. As I mentioned, chart patterns can be really useful when crafting your strategy but only when you use them a part of your trading arsenal. Using and relying solely on the chart patterns wont provide optimal results definitely.