Etsy Inc. $ETSY has been consolidating since March under $74, and finally completed a price top in August when price fell to $48. Since finding support at $48, price has recovered to $60. I think this will be a key resistance area. ETSY Daily Chart(click to enlarge)Resistance:- Why do I think $60 will be a key resistance?- First of all, this was a previous support pivot. Since the July/August correction was sharp, I think the market has turned bearish at least in the short to medium-term, in the context of a correction against the longer time-frame uptrend.- Also, price is now testing the cluster of moving averages (200-, 100-, and 50-day). These moving average could provide resistance. In fact, reaction to these moving averages as resistance would be confirmation of bearish control.- Finally, if the market is indeed still in bearish correction mode, I would expect the RSI to hold under 60, forgiving a brief break above as it has done this week.- In summary, $60 will be a key resistance in the sense that if price does indeed retreat from here, we should expect extension of the current correction. - In the scenario of extended bearish correction, I think the next key support will be in the $40-$44 area.- I just exited my position at $60 after a gain from $55. - In anticipation of an extended correction, I have dry powder waiting around $44.