Most likely Real Madrid can win the game against Chelsea, but I doubt Real Madrid can win the game against Bayern or Man City in the next round.
After Real Madrid's performance against Barcelona yesterday, I saw some supporters of Chelsea who insisted that if that was the current form that Real Madrid is, where they were struggling to score goals, that they were going to win them. The game Real Madrid played was in the Spanish league, and the not the champions league. Real Madrid play differently in the champions league regardless of their form in the La Liga, Chelsea do not need to think that Real Madrid will be an equal challenge to them. Both teams are not having a good time in their domestic league.
I don't think that Real Madrid's result yesterday will have huge impact on their champions league tie against Chelsea.
Real Madrid winning mentality is second to no other team that's still in the competition and they are a very solid side with the current best player in the world in their side.
Chelsea in the other hand has a high quality set of of players who can beat anyone on their day. I'm a Chelsea fan and would want them to win the tie but that doesn't change the fact that Real Madrid are favorite to win the tie
Actually, I think this match is quite difficult to predict, both of them have the opportunity to qualify considering head to head record both of them are quite equal. Although in the premier league Chelsea is not very good this season but in the Champions League it is different, Chelsea will be more focused here rather than in premier league and they are will defend very well in the first leg, also there is a possibility they will win although Real Madrid are the favourites.