Well @cryptogee, it's really sort of interesting to consider.

Sometimes "shit happens" simply as a result of people believing that it's happening. I don't know much about it from the perspective of crypto trading and technical analysis... but I'll share a quick anecdote:

I've been making a large chunk of my income from selling various things on eBay, for 20 years. In time, there is something I can only call "the sheep effect." Let's say I have two examples of the same item. I offer one for sale at its market price of $100. I put the other up for auction with a starting bid of one CENT. They are identical.

At the end of seven days, the one I put out for 1c has a final auction bid of $150 even though the SAME item could have been bought for $100, all along. Now, what happened? Well, because so many people were interested in the 1 cent version, it "appeared" more desirable. It's purel psychological... people "want what other people want" more than they simply want any given "something."

Now, let's get back to cryptos and technical analysis: It's probably BOTH BS and not-BS at the same time. The analysis itself is BS, but because a bunch of people believe that "the market will go up after a cup and saucer pattern," they flock into the market and MAKE the analysis "true."

That's my take on it.