Are US residents allow to participate in this ICO?
idk why they would not be allowed
Because SEC won't allow most of the ICO's to get investments from US citizens. There are many countries who have put harsh regulations for projects to run their token sale these days.
Just buy after the ICO, the chance is big it will be under ICO price if you look at the bear market now
the market will recover after chinese new year. If the market is still dipping when the ICO releases, there probably will be no market anymore

but that wont happen, there are too many businesses already depending on bc