Technicals demonstrate patterns/ statistics on human psychology/ emotion.
The same story plays out time and time again, regardless of the market sector, regardless of the time and space. Don't ask me why, maybe it's because we're fundamentally ruled by math/ physics, but "good news" tends to happen under one of a handful of situations, in relationship to recent price performance.
Good news comes quite often at a 61.8% (if not there, then the 78.6%, 88.6%, 100%, 127%, 141%, 168%, etc - all these levels have proven over time to be statistically significant in their role as reversal zones of trend) move below the recent low of the last major price swing.
Why?
I don't know. Maybe because it's all planned out by the company that issues the shares of its stock/ crypto to time the news with that psychological support level(s). Maybe it's just because we're ruled by math. Whatever it is, it isn't random, or it wouldn't work out to be statistically significant.