Last week I maintained my bullish directional biases even in the face of another down leg in crypto markets. Today, we're monitoring an increasing number of failed breakdowns, meaning that bulls are once again asserting control of the tape.

Crypto markets have continued their sell-off into last week, with Bitcoin losing the critical 60,000 support level and the total crypto market-cap briefly dipping below $2T for the first time since February.

I've been maintaining a neutral short-term bias for the last five weeks, which has helped us keep away from much of the precarious action over this period. But I'm seeing mounting signs that point to a tradable low being carved, and as such, I'm changing our short-term bias from neutral to bullish.

Bitcoin is finding support at a key level alongside many altcoins. Further, this is within the context of a wider reset in a longer-term bull market.

Heading into last week we were mindful of the compression in volatility which meant an increased likelihood for larger price swings. Further, we were being patient given a number of our data sets were pointing to mixed signs.

We've seen selling continue, particularly ramping up this morning.

I'm maintaining my neutral short-term bias. My data sets are mixed, with some indicators pointing in bullish territory while others skew bearish.

Volatility has contracted to extreme levels. Given volatility's mean-reverting nature, we're likely going to experience an expansion in volatility in the short-term.

I'm being patient and letting the weight of the evidence tip me to a more bullish stance. 

Last week saw short-term weakness manifest in crypto markets. For the time being, I still have a neutral short-term bias in the context of a longer-term bullish outlook.