Real Madrid are still favorites in the Champions League even though their performance this season is not very good. I know Real Madrid is a good team to hope to come back and improve their performance, so things will change so quickly for them. Real Madrid has lost 6 points from 4 matches, while they still have 4 matches that they can all win. The match against Liverpool is certainly very tough, but that doesn't mean Real Madrid will fail to win it.
It is hard to expect Real Madrid to be at their best every season, last season was a success for them and this time they have problems with injuries and it has mostly affected their defense. After they lost Carvajal it was clear that this would be a big problem for Real, after another injury to Courtois it got even worse and after an injury to Militao that kept him out for the rest of the season it got even worse. It is obvious that now the weakest line for Real is the defense and this may not allow them to achieve anything significant this season.
I think it's not just Madrid defense that looks weak, the midfielders and front lines are also still not fully promising. How many times has Madrid shown a game that is only able to excel at half time. Sometimes they play well in the first half but the second half is bad and vice versa the first half is bad but in the second half they can immediately play well. Madrid inconsistency is due to a lack of teamwork, I mean there is something missing from the Madrid players. You must know that the missing Puzzle has not been replaced until now. Real Madrid's chances in the Champions League are now smaller than last season.