This was built in 3 layers, the body, aura, and the bubble. The aura is made from water perpetually falling from the top of the bubble and getting collected and the bottom, hence the transparency.
This was easily the most difficult pixel art I've built. The number of floating pieces for which I had to position would have been enough trouble, but hanging that curtain of water was a huge pain since it spilled out everywhere twice when i made mistakes.
If you're curious, I'm using the Soartex texture pack. [link]