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Real Madrid team is not in good form this season. Madrid's performance is not consistent. Real Madrid's performance in both La Liga and Champions League has been erratic. And Real Madrid have fallen far behind in the title race after losing against Barcelona.
On the other hand, Madrid's main rival Barcelona is able to perform well in every match. Barcelona won 11 out of 12 matches. Barcelona players are also very confident. Barcelona is now able to consistently perform well. So I'd say if Barcelona don't lose the truck then Madrid have no chance of winning the title. However, I personally consider Barcelona as the favorite for this year's La Liga title.
You are right, Real Madrid are not in their best form so far and not only in La Liga, but they have been equally bad in the Champions League. Real Madrid has received 1 defeat and 3 draws in 11 La Liga matches, while Real Madrid has received 2 defeats in 4 Champions League matches. It was something that was not expected to happen when Real Madrid had a super luxurious squad depth like now, but in reality everything did not go according to plan.
The consistency of Real Madrid's performance so far has been erratic and they tend to fail to maintain their best performance. If in one match they can win promisingly, in the next match they could lose badly. Barcelona, which was clearly in a financial crisis, was able to escape a lot of pressure and they shone through many academy players who were reinforced by other experienced players.