Why technical analysis in cryptocurrency is flawed!

I have watched videos over time by several YouTubers and I wont name anyone but I'm pretty sure you have seen video after video with people promoting lending platforms and using technical analysis to point out pennants and flags on charts. They can fool you to think that they actually are making rational predictions based on past performance. But it's all a crock and I would like to tell you why.

I wont spend too much time on thoughts about TA (technical analysis) on lending platforms but you've seen the ones on BitConnect in the past. And we all now know that it was bull from the start. But let's take a look at where we are now in the crypto space. I saw chart after chart talking about resistance points and dips, etc., etc. But no TA could have explained what MtGox was doing when they were dumping coins onto the market. Yes, we can use TA now from a retrospective standpoint but all the while these predictions were going around and as you can see they hold no merit. The truth of the matter is that you cannot predict human behavior and how markets will react. We are all making educated guesses but I'll warn you to not give too much credence to people giving price predictions. Very few were right about Bitcoin last year and it takes perfect storms to create the craze that pushed it to $20K.

All in all, the Bible warns us not to be hasty to be rich. Sure, I would like to be rich and I wouldn't mind if it would happen quickly but when we allow our greed and lust to take over, it causes us to make bad investing decisions and give faulty financial advice.