@foodnature (Sunny Decree on Youtube) and
@vincentb (Vincent Briatore on Youtube) both recently made videos talking about their negative feelings about technical analysis, going as far to say as it was essentially useless. Long story short, I've been on their case a little bit about how strongly I disagree(Vincent favorited the tweet), and today Sunny made a video giving TA a bit of a chance. This was my reply said video. I know my time spent writing it on his YouTube channel is mostly wasted, but perhaps less-so if I post it here too...
If you were to really start playing around with fib retracements and extensions you would start to be more of a believer as far as that goes, almost instantly. Of course no one can predict the future to a large degree of certainty, but if you choose the right impulse legs to look at, SO OFTEN price will reverse at the 1.27 or 1.618 extensions. And in the shorter term, there will be opportunities to sell at certain fib retracement levels/trend lines and buy back at certain fib retracements levels/trend lines on the way to your ultimate target(s) at one or both of the fib extension levels. Patterns like the Gartley pattern and the Cypher pattern can be very significant indicators too(with probable and sensible targets), which can only be determined by using fibonacci as there are certain conditions that must be met for the patterns to be legit, as well as the targets being set based on fib retracement/extension levels. http://stockcharts.com/school/doku.php?id=chart_school:trading_harmonic_patterns has some pretty good information about the conditions of the patterns and their respective targets.
In my ~1 year of using technical analysis quite successfully, I've also found crosses of LONG-term trend trends and LONG-term fibonacci levels to be EXTREMELY significant. If the price is significantly down from a cross with support building, often price will just rocket right up to it, and the same in reverse. If it's a "cluterfuck" of lines crossing, it acts as more of a magnet.
By the way, I've been watching BTCUSDLONGS and BTCUSDSHORTS very closely for months, of course using TA on the charts. TA on those charts are likely the best indicators for BTCUSD for me. Giving me confidence when BTC looks like crap(such as ~36 hours ago when I tweeted I thought we may have found the bottom of this correction around $7,400, partly thanks to those charts), and seeing BTCUSDSHORTS break a bunch of resistance lines would have the opposite effect. As only a small percentage of people bother to look at those charts, and the action in those charts seems to happen there BEFORE the action really happens in the BTCUSD chart(as opposed to the MACD and RSI which are lagging indicators), you have an advantage if you keep a close eye on them. Of course I like the RSI and MACD too, especially on the BTCUSDLONGS and BTCUSDSSHORTS charts, giving even more of an idea of exactly what's goin on. Trend lines drawn within the indicators(long-term, mostly), also A-OK :)
Glad to see you're starting to give TA more of a chance in your world. If you can get better than Tone(his methods are horrible, so that's not hard), and you were to show your success on your channel, your subscriber count would skyrocket even faster than it's going to anyway once crypto is all the hype again.
Of course the usefulness of technical analysis goes way beyond what I highlighted in the comment, but it's a start. The most useful thing about it for me, is having some idea of whether or not I should remain bullish or bearish on a certain certain asset, not necessarily(but definitely not fully excluding) predicting any certain high/low.
-@MyEmpireOfShit (My tradingiview page for examples of price reacting to lines derived from TA)