<center>![6BC1634D-40CB-473D-8270-4E373327D7F4.jpeg](https://steemitimages.com/DQmXX9yeheHh5CpNzfmZUSBBah9K1uryAmyAS9R8pitPyRA/6BC1634D-40CB-473D-8270-4E373327D7F4.jpeg)</center>

[Bitfinex has today officially announced the launch of their EOSfinex platform](https://medium.com/bitfinex/announcing-eosfinex-69eea273369f).  A decentralised exchange to be built on the EOS.IO platform.

<center>https://cdn-images-1.medium.com/max/1600/1*B7ktX0XH6GKizQo-dlPgAQ.png</center>

So what does this all mean?  We go over the EOSfinex launch below.

## What is EOS.IO?
EOS.IO is a blockchain protocol that will allow the horizontal scaling of decentralised applications.  This will allow blockchain developers to build better performaing, distributed applications.

Horizontal scalability is achieved by scheduling applications across multiple CPU cores and clusters.  This also allows EOS.IO run a no fee, ownership based model.  All extremely exciting development prospects that takes what Ethereum has done and sends it to the next level.

## What is EOSfinex?
> A continuous goal of Bitfinex has been to research and sandbox the capabilities of various protocol-level technologies that meet the rigorous requirements of a high volume, blockchain-based trading platform. This vision has led us to EOS.IO, whose goal of processing tens of thousands of transactions per seconds, with minimal fees and confirmation times, is heavily aligned with our ambition.

The EOS.IO platform provides both the scalability and speed that anyone aiming to deliver a decentralised exchange needs.  By building on the EOS.IO platform, Bitfinex will be able to offer a fast and transparent platform for traders to seamlessly execute their orders.

## Will EOSfinex be Successful?
I've been excited by the blockchain tech advancement that EOS promises to offer since the beginning.  Add the speed and scalability traits that EOS offers to a decentralised exchange and that excitement goes to the next level.

It absolutely makes sense for a company like Bitfinex to be looking at both Ethereum (through Ethfinex) and EOS as they work toward a truly decentralised exchange offering.  But with EOS not quite live yet and an ecosystem that is still lightyears behind major competitor Ethereum, there are still huge risks associated with investing in the coin and backing projects that are built on its ecosystem.

Crypto is a battle of the fittest and this is a prime example.

## EOS Technical Analysis
Finally, let’s have a look at what the charts are telling us.

### EOS/USD Daily
![98675DCD-E586-4668-925E-3275BD73E09B.png](https://steemitimages.com/DQmcNKJyHSzu8cFsgDKbE7JuA7Z8qUUZVryiXu2NFFgwoRk/98675DCD-E586-4668-925E-3275BD73E09B.png)

You can see that on the higher time frame, daily chart that price has printed what looks to me like a new absolute floor at $6.00. If that capitulation spike down couldn’t break it, then that’s it.

It again most recently held as the low following the latest price drop and for me it’s now held and there’s opportunity in looking at longs off the level.

### EOS/USD Hourly
![ABB55A91-0D8E-4A4F-ACFC-877A143B04CF.png](https://steemitimages.com/DQmPRYrPNsvbzKPc64K7caRpzvnqVo9TNP31Sbj1ntNcF1G/ABB55A91-0D8E-4A4F-ACFC-877A143B04CF.png)

Zooming into the intraday, hourly chart and you can see the same short term resistance levels being retested as support for us to trade around.

Best of probabilities to you!

Peace ✌🏻.

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