I believe the bot trading is distorting the charts making die-hard chartists see things that aren't there. The large volume while flatlined (relative to historical activity w/o bots) is making the MACD and friends look like it's trending up when in reality it may be showing divergences which just aren't there.
In other words, heavy bot activity is NOT representative of trader sentiment, the very thing charting is supposed to measure.
So, mostly sitting on the sidelines and gathering data for my bitcoin strategy. Slowly going long through mining in accordance with long term trend.
One could argue that since traders program the bots the bots are just doing what the trader would do. So they do represent trader sentiment in a way.