News trading:

1. News generally has diminishing market impact over time, especially if it's the same piece of info (ETF flows, GBTC to Coinbase, German gov, Gox, SEC crusade, etc. - eventually gets stale and priced in).

2. Telegraphed news gets priced in more efficiently than unexpected events e.g. "X is gonna happen on Y date in the future" is more likely to be priced in than "BREAKING: Y just happened."

3. The market's reaction to news is often more telling than the news itself.

Rough blueprint:

Bad news absorbed in a bullish market = Trend continuation

Bad news absorbed in a bearish market = Trend reversal

Good news absorbed in a bullish market = Trend reversal

Good news absorbed in a bearish market = Trend continuation

These work especially well if there's a clear preceding pattern e.g. Bad news = down, Bad news = down, Bad news = down, and then Bad news = up.

As always, plenty of context and nuance around this stuff, but a decent way to start thinking about it IMO.