I don't think this song is about the Romeo character being injured or shot or literally bleeding. I think it's more metaphorical, saying that he's experiencing a deep emotional pain that he can't show to his fellow pachucos because they look up to him as their leader. He's trying to maintain the facade of being cool, composed, and unhurt, but the pain he is experiencing is killing him, and even while putting up the act he's constantly aware of it.
I don't think this song is about the Romeo character being injured or shot or literally bleeding. I think it's more metaphorical, saying that he's experiencing a deep emotional pain that he can't show to his fellow pachucos because they look up to him as their leader. He's trying to maintain the facade of being cool, composed, and unhurt, but the pain he is experiencing is killing him, and even while putting up the act he's constantly aware of it.