I've tried to raise a similar point about TA, because I think a lot of newer Steemians are starting to learn about it and have a tendency to rely on it, too much.

TA is only one part of 3 types of analysis. The other two parts are Fundamentals, and Macros - which have even more effect on markets and rates of return than TA.

"Fundamentals," are factors about a token, coin, or business itself. Who runs the thing? What rules were put in place at the time of its' creation? Is it secure? It is useful? Is it widely accepted by businesses? Does it have "staying power" and the ability to adapt to changing economic trends? Does it have any weaknesses?

"Macros," are taking into account the more global trends in markets. The daily news cycle, rumors of wars and international conflicts, energy markets, transportation markets, and trends in communication technologies. What is the "big money" doing? Is the NYSE falling? Are U.S. bonds and interest-rates stable? What are futures and commodities doing?

I believe people who are newer to SteemIt also need to learn how to evaluate and pay attention to both Fundamental & Macro analysis - which I believe is a much bigger influence on the longer term Return on Investment that can be had from investing in cryptocurrencies.

Let's take the overall global market and call it a forest. Macros are looking at the whole forest. Fundamentals are looking at one whole tree. Technical analysis is like looking at the leaves on that treee. Now, a leaf might be a perfect leaf - it's going to grow, everything looks perfectly healthy, all signs are extremely positive. However, there is one huge problem: the forest is on fire and it's moving towards that tree. People must have the skills to be able to "zoom out" and look at the bigger picture. Otherwise, their investments are likely to get burned up.

Thanks for sharing your thoughts. I gave you an upvote and a resteem.