Real Madrid could be but Barcelona is already out of the contest. Atletico are surely the favorite here. They have always came as a champion when Real and Barcelona felt weaker.
Barcelona too is playing well bet luck has totally missed them this time. They were totally dominant against cadiz but still lost as they failed to deliver a goal.
Barcelona is switching to sleep mode from a while, its defeat against Juve is expected and facing in the next stage Bayern for example will be more tragic.
ATM at the opposite is doing well in La Liga but risking a CL finals spot, same goes at a lower level with Real Madrid.