Recently, we took a look at the price chart of Acacia Communications as it traded consolidation mode. I proposed that the price of ACIA could be bottoming, IF price closes above $36. ACIA Daily Chart(click to enlarge)Failed Bullish Break:- We saw price attempt to break above $36 in July, but it retreated sharply. - This failed bullish breakout was already a sign that bears were still in control. - Also note that price continues to be below the 200-day simple moving average (SMA), and that the RSI was still held under 60 after a brief violation.Bearish Breakout Attempt:- What followed was a bearish breakout attempt, which again failed. - BUT, price did not shoot backup above the $34 level, which would have established the attempt as a false breakout.- We should still have bearish bias based on the reasons I listed above. - If price subsequently closes below $32, it wouldn't surprise me if the bearish move extends down to the $25 area.