This market is just DYING for some bad news. It can't even keep itself up in anticipation of it. We are just going to drift lower, bouncing at 2650, 2600, 2555 and going back up each time, until we get some bad news to flush all this out.
The bad news are already out there: May/10 seems to be for real, one Chinese exchange already closed, and the CEOs of the other exchanges apparently can't find anything upbeat to say. Not at all like a month ago, after the Caixin leak, when they thought that they had found workarounds.
I can't see why the price would not go below 2300 CNY (~375 USD) by the end of the week. It got there on Apr/11, on mere
rumors that this would happen...
Its going to take 1 or more of the big 3 exchanges saying they are shutting down or moving offshore.
The exchanges may not say anything. They may keep a few work arounds past May 10th. Nothing is for certain.
This market really does act like it wants to here the news. Everyone is lining up to sell.