#pengubullish
Based on the chart for $PENGUUSDT Perpetual Contract on Bybit with a 15-minute timeframe, here's a trading setup analysis including potential stop loss and take profit levels considering the note "Could bounce here or slightly lower":
Trading Setup Analysis:
1. *Current Price*: Around 0.033499 USDT
2. *Pattern*: Price is at the lower part of a descending trendline, suggesting a potential bounce.
3. *Support Level*: The area around current price (0.033499 USDT) could act as support where a bounce is anticipated.
Potential Trade:
- *Long Entry*: If price bounces off the current level or slightly lower.
- *Stop Loss*: Below the recent low (around 0.032670 USDT) to manage risk in case of a breakdown.
- *Take Profit*: Target could be near the upper part of the descending trendline (around 0.034000 - 0.035000 USDT) if a bounce occurs.
Notes:
- This analysis is based on the given chart and note. Actual trading decisions should consider broader market conditions and risk management.
- Trading perpetual contracts involves risk, and proper risk management is crucial.
