BTC/USD daily chart - symmetric triangle

The direction of break out from the symmetric triangle in the daily chart would determine the direction of crypto market as a whole for the next few months. Symmetric triangles are usually continuation patterns but they can work as reversal patterns. They are consolidation patterns and volume should be demising while forming the pattern, which is the case here. The symmetric triangle already formed 6 points and a break out should be imminent.

What would be the catalysts of the imminent break out?

If no news and volume keeps diminishing, then the chance of breaking down would be high. However, G20 already have set a July deadline for the first step toward unified regulation of cryptocurrency. The impact of the regulation could totally determine the direction of the break out.
Based on the previous G20 statement, I would guess that the regulation would focus on illegal activities using crypto and would not heavily regulate the adoption or development of cryptocurrency.
Thus, I'm more positive toward an upward break out but if the regulation is too strict or if the deadline is missed, a break down is also possible.

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Disclaimer

I am not a certified financial advisor. This post is just my personal opinion and not financial advice. Please do your own research and do not trade just based on my posts.