The dynamics of trading the market change after a specific period. My concern is the spike that usually occurs especially when you are in one direction and the market moves in the opposite direction.
When you are talking about spikes, you know they are tops and after tops, there are two scenarios, higher tops if the bull run continues or corrections if trading volume drops, momentum disappears.
If you think a second scenario will come, you go with a Short position and worse with a high leverage, you will be killed by exchanges and their forced liquidations if your collateral is not big enough.
If you think a first scenario will come, you go with a Long position, unfortunately price will go with a deep correction, you will be killed by forced liquidations too.
Advice is if you are unsure when you see a spike, just skip the market, watch it and wait for a break out or a correction to open your position.