Here are the steps to it.
1) Use a white crayon to colour part of your image (I've colour the outer ring and part of the top of the image) and ink it with some distress ink. ( I've used shabby shutters distress ink) (It's best to start off with a lighter colour distress ink). Later, use some wet wipe to lightly wipe the area covered with crayon. This is the "Crayon Resist" technique.
2) Use a Masquepen and covered part of the image again. This time, I've covered the inner ring and part of the top of the image. When the translucent liquid is completely dry, ink it with distress ink. (I've used faded jeans and pine needles distress ink) (it should be a darker shade of distress ink than in step 1). Use your fingers to rub off the dried translucent liquid to reveal another layer of colour.
3) Use a stencil to cover over the image and apply Masquepen on it. Let it dry completely.
4) Ink it with distress ink (I've used vintage photo and peeled paint distress ink). Then, rub off the dried translucent liquid with your fingers.