Step 1: Create a new image, about 200X200 pixels. Set the Mode to the standard RGB color, and the background color to whatever you want.
Step 2: Right off the bat, create a new layer by clicking the "new layer" button on your layer window on the right, or by simply pressing "layer/new/layer" at the top. Select the "Eliptical Marquee" tool, then draw a circle by holding down the "shift" key making it fill most of the image area. Select the color to be #1E2532 if you want it to look anything like mine. Then deselect the circle by pressing "ctrl+D".
Step 3: Next select the "Dodge tool" and set the "brush" size to about 100PX. This is what is used for the glow effect of the bubble. Also make sure that the brush is the softer one. now that you have the settings done you can begin shading the bubble. At the bottom of the cirle place your dodge tool right over it and press it untill you have the desired glow effect. Then proceed to go around the edges and in the middle a bit. after you are complete you will have somthing that looks like this. (I hope).
Step 4: Next switch to the "Burn tool" located in the same place as the Dodge tool. And do the same with that as you did with the dodge tool, and look at the effect it has on the bubble. You should now see the formation comming together as you continue to shade it with these two tools.
Step 5: Here is the part where you get to play with the layer style. set all the settings as you see below. Feel free to change any part to create different looks to your bubble. The final image that you see here, I did by "duplicating" and "distoring" the intial bubble. You can also experiment with these too. Lastly I changed the layer opacity to about 75%.
Layer style:
Drop Shadow: (Keep default settings.)
Inner Glow:
- Blend Mode = Color Dodge.
- Color = White.
- Size = 3.
Gradient Overlay:
- Blend Mode = Multiply.
- Opacity = 13.
Stroke:
- Color = Black.
- Size = 1.

