Yes this methods is very effective and it has been proven over time that it is the best approach as many investors has testified about it. But doing it on an hourly basis looks some how as most times the price of Bitcoin are almost in same range for hours. Low funds investors can do it on weekly basis so that they won't be losing much money on trading fees. What matters is that you keep adding to your portfolio.
Such methods are not only still effective, but are also still very widely used by people who are accumulating more Bitcoins and increasing the size of their respective portfolios in these increasingly improving conditions. Because we can all imagine how victorious and happy those who once bought Bitcoin at a price of $ 20K are still holding it quite well.
Just now I saw that the price of Bitcoin almost touched $48K, which means it is quite close to the new resistance level of $50K. And if Bitcoin can pass the $48K mark in a few days, of course it won't be so impossible to see a price of $50K in Bitcoin this month because price increases like now usually have more resilience than increases that fly straight away without any gradual stages.