Why technical analysis fail?

Yesterday $ETH started to pump with some other coins, market looked very positive. As per the technical analysis it was right time to open buy positions

But today market is upside down

Basically if you just look at the TAs and indicators and make your decisions, its perfect when the market / economy and political situation are in stable condition.

But when #bybithacked whole equilibrium of market is collapsed.

1. Bybit was pushed into a situation where they need ETHs for customer withdrawal, they loaned and bought so eth which were not actively traded become active. - this supported the price action yesterday.

2. Eth hacked was also not traded actively so far, but when hackers started to cash out it become available on market. - this will contribute to the price action happening today.

Always read the market and then read the charts. Anyway on friday stock markets were not closed positively too so this price fall is expected one.