Bitcoin Cash aims for $665! BCH long positions are solid, targeting a pump of 10%.

Bitcoin Cash (BCH) has risen about 4% in the past 24 hours, continuing to move against the trend amid a general market adjustment, attracting significant follow from traders. Technical indicators and capital flow data show that long positions still hold the upper hand. If it breaks through the key resistance level of $607, BCH is expected to accelerate towards $665, achieving nearly a 10% pump.

Key Price Levels: 607 USD resistance and 665 USD target

(Source: Trading View)

The current price of BCH is about 616 USD, having surpassed the psychological and technical dual resistance level of 607 USD.

Breakthrough significance: 607 USD was the reversal point of the previous bull market. If it successfully holds, it will open up upward space.

Technical target: Based on the Fibonacci extension levels, the next target is set at 665 USD, which means an approximate pump of nearly 10% from the current price level.

Technical Indicators: Long Positions Strengthened

· Bull and Bear Power Indicator (BBP)

(Source: Trading View)

Continuously in the green zone, indicating that the buying power has long suppressed the selling pressure.

The last time a similar situation occurred, BCH successfully broke through resistance and continued its pump.

· On-Balance Volume (OBV)

(Source: Trading View)

Continuously rising and reaching new highs, reflecting a stable inflow of capital into the spot market.

Spot-led pumps are usually healthier and more sustainable.

· Chaikin Money Flow (CMF)

(Source: Trading View)

Currently at 0.05, although it is a positive value, it is lower than the 0.22 reached when it touched 607 dollars earlier.

If the CMF rebounds, it will become a catalyst for the breakout.

Capital Flow: Exchange Net Inflow Decreases

(Source: Coinglass)

According to Coinglass data, the recent daily net inflow of BCH to exchanges has been continuously declining, and if it turns negative, it means that more BCH is being transferred out of exchanges into long positions.

Historical experience: Whenever the capital flow reverses to outflow, the BCH price often experiences a significant pump afterwards.

Market Characteristics: BCH is one of the few altcoins that can still pump during market corrections, enhancing its breakthrough potential.

Market Outlook: Follow the gains and losses of 607 USD

Bullish scenario: Breakthrough and stable above 607 USD, along with CMF rebounding and OBV continuing to strengthen, BCH is expected to quickly impact 665 USD.

Bearish scenario: If it fails to break through $607 and the CMF remains weak, a pullback may occur in the short term.

Conclusion

The current technical and capital flow data for Bitcoin Cash lean towards long positions, with 607 dollars becoming a key observation level. Once it breaks through and gains matching capital flow and trading volume, BCH is expected to usher in a new round of pump, with a short-term target directly aimed at 665 dollars.