The Daily will explain why I gave this publishing this title.
FIRST, he needs to WORK on accumulating coins for quite a while before taking us back up to Preliminary support to take profits from all he has accumulated over a period of time. We are in the beginning stages of him WORKING along the red accumulation lines for the purpose of accumulating. He can switch back and forth (up and down) from one red line to another with Automatic Rallies (AR) and he can use shakeouts to go back down to TEST to make sure we still have SUPPORT on the bottom end. He doesn't have to use shakeouts to TEST for support on the bottom end. He can simply take a few days off and the market will go down on its own on low volume. Then, he can come back in the market and begin buying coins on the cheap that results in another automatic rally at times. Sometimes, he simply accumulates via swing trading on the upside and downside of a red accumulation line.
As far as the placement of those lines. An entire chapter in a book can be written for that and you can find that in many books. It depends on what time frame you are in as well. Yellow lines can be used on the upside and down side of the red lines to mark the ACTUAL support (bottom side of the red accumulation line) and resistance (top side of the red accumulation line) if one intends to swing trade along the red accumulation lines. I don't bother with those yellow lines most of the time cause I can just see them without plotting them most of the time. I simply move my cursor to see about what value (Dollar or BTC amount) support (bottom side) and resistance (top side) actually are.
Since ETC is in it's infancy, I would recommend for you to place a red line in the middle of wavy action on the daily with yellow lines (or whatever color you choose) on the up side and down side of the red line to determine support and resistance on each side of the red line. To know precisely where to put those lines when swing trading in smaller time frames, like the 4h and lower, I would recommend buying a book to teach you proper placement because it's not that cut and dry to explain. IT would take an entire chapter in a book to cover every detail.
Buy this book if you can, it's a damn good book that includes the information you seek as well as the methods I'm using for long term analysis to have a good idea of when to enter and exit. It trains your eyes on how to actually SEE TRADES.