Damn, back over $800 already, is that shorts covering?
The longer no news comes out of China about follow ups to the exchange's inspections the higher the price will go. If China takes action against a big exchange it will crash, otherwise it will go back up.
If China takes action against a big exchange it will not crash because it won't be a news anymore. It is already priced in. The most they can do is confiscate peoples bitcoins kept on that exchange.