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.
Those who bought at $20k early last year saw opportunity and seized it, when others were seeing fear/crash and today those who took the opportunity are now seen as the heros who has won. For you to see profit in Bitcoin investment you have to make a firm decision, stand your ground even if it means standing alone, that is buying when others are selling and dragging the price down. Don't look at price just keep buying.