Are we talking about the odds that bookmakers provide or are we talking about our personal opinions? Considering how these two teams have been playing, if somebody asked me whether I put my money on Atalanta or on Real Madrid if I had to, I would without a doubt go with Atalanta. It is a home game in Bergamo for them, Real Madrid has to leave half their team at home because of injuries, Mbappe isn't performing and they are out of alternatives. No question for me, Atalanta is the slight favorite in this game.
Atalanta are not as strong as Liverpool, so I still think they will share the points with Real Madrid. I don’t mean to belittle Atalanta impressive record in the Champions League this season, and I don’t want to ignore the half-dozen injuries to Ancelotti key players, but I am trying to see Real Madrid as a team with a number of quality rotation options. Atalanta failed to score against Arsenal and Celtic, which is something to consider. Besides, Ancelotti is no stranger to the Serie A side, and he has plenty of experience of facing them. When Real Madrid are under pressure, they can almost always turn things around, especially in the Champions League.
This is what you would intuitively believe about Atalanta, but I remember it was the same when last season Bayer Leverkusen came with a perfect record to take on Atalanta in the Europa League final and I still know how nobody thought that Atalanta could have a chance against them. But it was quite the contrary and Atalanta made Bayer Leverkusen look very small instead and beat them with a clean sheet. The most stupid thing that Liverpool could ever do if they play against each other is to think the same of Atalanta as everyone did last season as I described. You can still lose although you are superior in the public opinion and with the shape that Atalanta now is in, they can beat every team in Europe.