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I guess I will prefer to bet on Real Madrid double chance which seems a reasonable risk to take. I'm expecting a similar start to their previous draw against each other. Real Madrid would resist at Santiago Bernabeu and wouldn't lose I think. But when it comes to the rematch I can't be much positive about them. Especially if they can't make a significant progress after the Leipzig matches it wouldn't be too difficult for Manchester City to finish them. 
Manchester City is certainly ready for all the challenges that exist, after all they are the defending champions who are currently also having good performance. There is a weak side that Real Madrid can exploit in the Manchester City squad in the first leg, and that is the limping defense of the Manchester City squad due to injuries. But there are things you should pay attention to, Foden and several other players were really good in today's match and that must be taken into consideration by Ancelotti when preparing his strategy.