The bots make use of technical analyses like overbought and oversold market, trends, support and resistance and some other ones. But what of fundamental analyses? I do not think the bots make use of such. Also technical analyses may not be accurate which makes the bots not accurate.
It is simply as you have said it, they use one of the listed above strategy most of which I have seen use the bollinga band, MACD and the rest. This are all written and fixed scripts that once the market changes direction they simply can follow up the changes. They use limited Technical analysis and do not use fundamental analysis nor use sentimental. So I don’t get where OP sees this bot trading as profitable because it is not for most of its users