Well the gist of drawing an object that goes a little higher and gets a little more transparency with each frame is pretty simple.
Here's the gist of it:
//set these:
this.color = 'rgba(255, 205, 50, 1)';
this.alpha = 1;
this.x = 30;
this.y = 30;
this.size = 20;
this.frame = 0;
// ...
//in a draw loop:
context.fillStyle = this.color;
//draw a circle at x,y of size radius
context.beginPath();
context.arc(this.x, this.y, this.size, 0, Math.PI*2, true);
context.closePath();
context.fill();
//use a frame counter for animation
this.frame += 1;
this.y -= 1; //every frame the circle will rise
this.alpha -= 0.05; //every frame the circle gets 5% more transparent
this.color = 'rgba(255, 205, 50, %a)'.replace(/%a/, this.alpha);
// do something with frame counter.
// Maybe every 100 frames it should all () reset?