There are 3 important blocks on which technical analysis is built: price, volume, time. And the answer of the question what is the most important is undoubtedly the price.
No matter you are a fundamental or technical analyst, the only thing that helps you get success is price. Our perception of the future value of the current price is why we trade. It’s too high or it’s too low. We trade for what we expect.
Price action used in technical analysis shows and describes price movements of securities. It is simply the analysis of charts with a focus on price, that traders use to determine future price movement instead of indicators. The price action provides a lot of helpful information using only today's open, high, low, and close. The concept behind price action analysis is to catch the market moves when they are just about to begin.
Price action is a function of order flows, and order flows are a function of market bias. Prices move up when there are more buyers in operation than sellers and conversely prices drop when there is more selling than buying. Traders will buy or sell depending on the opinion outlook formed on an asset.