A great place to understand what the circles and lines are all about is http://www.babypips.com/
Technical Analysis is not a perfect prediction, but it can be combined with sentiment and fundamental analysis to help decide on good long entry points, or for day traders looking to make a profit. It's not going to work all the time, and not all analysts will get it right, but savvy whale Bitcoin traders can make far more than a journalist's best case scenario.
chart is an art!!