So many people are doing it, and I think they're doing it because it's easy. You get to feel like you're putting in the work of a responsible investor, but you're not. Instead of understanding the team, the idea, the market, the competition, the risks, you only have to understand different patterns of up and down.
And those patterns are rich enough that you can tell any story you want from them.
Apparently, I'm not the only skeptic: https://www.fool.com/investing/value/2006/04/10/technical-analysis-voodoo.aspx
Focus on the fundamentals, son!