Is Teeth Whitening Possible for People with Receding Gums?

While you may experience an increase in sensitivity while whitening your teeth, it should be temporary. Essentially the process dries out your teeth, so when you are done and the teeth re-hydrate, the teeth should be fine again. In your case, still sensitive, but not as bad as during the procedure.
But DURING the process, there are things that can be done to minimize the pain. Trays can be fabricated short of the gum line, but the tray material needs to be fairly rigid (otherwise the gel will leech out to the receded area). In office procedures can block out the recession, so that option should be considered as well.
You should consult your dentist on WHY the gums have receded and consider fixing the problem before whitening.

Ideally the tooth whitener should not contact the root structure that is exposed from recession.
With any of the at-home treatments it is very hard to keep the peroxide localized to the enamel. The paint on treatments immediately wash off the teeth; the strips are not customizable.
The best way to address this issue is to have the dentist apply the whitener in-office such as the Zoom treatment, which can avoid the recssion areas. Another suggestion is to have a tray made by your dentist, cut short of the recession.