$PENGU | Oversold Bounce or Continuation Trap?

Price is in a clear daily downtrend, with the recent drop pushing the 15-minute RSI into extreme oversold territory (14.81). While such readings can signal a short-term bounce, the overall structure remains bearish, setting up a potential short on any failed recovery.

Entry Zone (Short): 0.007835 – 0.007917
Stop Loss: 0.00812 (above resistance)
Take Profit Targets: 0.007631 / 0.007550 / 0.007387

Key Context:

· Daily Trend: Bearish
· RSI Signal: Extreme oversold (15m) – may precede a sharp move
· Confidence Level: 75% short bias on 4H chart

Debate: Is this extreme RSI a bear trap (signaling a bounce) or simply capitulation before another leg down? The price action at the entry zone will be key.

Strategy: Consider a short entry if price shows rejection within the defined zone, confirming the downtrend remains in control. A break above the stop level would suggest a stronger relief bounce may be underway.

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