Bitcoin: EOS accelerates downward pressure

ICO stands for "Initial Coin Offering" and is comparable to an IPO, the idea behind it is as simple as effective: Crypto startups sell tokens or coins of their newly established currency before it comes into the trade. So the startup comes to money, without having to give up shares of the company. The buyer, in turn, get coins, of which he hoff t that they later win massively in value. Above all, because the idea, to which the Coin is bound, prevails. For both sides a lucrative business.

When looking at EOS's course over four hours, it can be seen that the downward trend since 08 August 2017 is still on track and has even accelerated. The ongoing downward movement was significantly broken yesterday after the announcement of the "People's Bank of China" (PBOC). The increase in trading volume also illustrates the uncertainty among market participants. Many market participants have closed their positions due to the uncertainties.

For the further development of EOS, m. E. now a recovery possible. For this, however, the bulls have to exert pressure to return the price above the lower trend line at around 0.93 US dollars. If this is achieved successfully, the 23.60% Fibonacci retracement could be targeted at 1.15 US dollars if the market is positive.

The bears are currently giving the sound, but are currently losing energy after this strong yesterday's bear rally. If the bears still take an attack on the course, a significant case under the ICO course is also possible. For this, further shock news from the world's monetary authorities should come.