Bio-pharmaceutical company Trevena $TRVN failed to sustain a bullish breakout from earlier in May. This could translate into a bearish continuation scenario.TRVN Daily Chart(click to enlarge)False Breakout:- Looking at the daily chart we can see that price has been consolidating since November when TRVN found support at $1.40 a share.- Then, in 2018, price started to hold above $1.50, and was able to pop up above the consolidation resistance. - However, after tagging $2.30, TRVN fell sharply.- Price failed to treat the cluster of moving averages as support, which would have been a bullish sign.- Price is now pushing below the middle of the consolidation range, which also signal failure to form a price bottom.Last Defense:- I think for the most part, price action is signaling a bearish continuation.- However, we might have one last line of defense around $1.65, where price would meet a rising trendline. - Also, the RSI is still above 40, and if it holds above 40 for the most part, it would be seen as maintaining this recent bullish momentum. - I don't like it though. I see the failed bullish attempt as a sign that bears are back in charge, even if the downside is limited. - At the end of the day, we might just see further sideways action.