Is the PayPal bottom finally in? My bet is yes.

After an excruciating 82%+ drawdown from all-time highs made 2 years ago, PayPal is finally showing some signs of bottoming action following the company's recent earnings report.

The new CEO Alex Chriss has got all of the right talking points and focused on the right areas of the business. The true growth areas of the company are still in question, but from a value stand-point the stock trades at some of the cheapest levels in the company's history.

From a technical perspective, the stock is holding the recent earnings gap up and is starting to form higher highs and higher lows on the daily. A breakout up and over this $59 area should bring a fresh wave of momentum buyers as the stock attempts to reverse its longer-term downtrend.

I recently acquired a long position for my longer-term investments portfolio and am looking for higher prices over the next several quarters and full year. (disclosure: long)