Sure, you can compute Pearson (or non-parametric) correlation provided that data is of a good quality. Since you have only small sample, I assume you expect to see a large effect size (coefficient). Otherwise, you will not have sufficient power to evaluate the relationship using statistical testing. Not trained in Bayesian but I suspect that this will not resolve the sample size issue :)
Indrajeet Indrajeet , Martin Marko , in fact Bayesian methods are suitable for small samples, because -in contrast to classical frequentist statistics- Bayesian estimators work well in small and large samples. I personally like this approach:
Article Estimation of the correlation coefficient using the Bayesian...
On the other hand, David (1938) suggests n >= 25 for a proper calculation of Pearson correlation:
David, F.N. (1938). Tables of the ordinates and probability integral of the distribution of the correlation coefficient in small samples. Cambridge: Cambridge University Press.
Rolando Gonzales thanks. r = 0.55, infact post hoc power analysis shows we require 24 participants. we had 20 but few were filtered as outliers. p is around 0.009 and BF is around 8. I am confident because I found same correlation in another data set N=30. Since the study was the first of its kind, i could not decide a priori sample size.
Could you please provide few references suggesting small sample size is relatively fine if bayesian approach is chosen ?
At current situation of corona, we can collect more data , so we are stuck.