I really liked the artwork of the character, as well as the horizontal scrolling shooter vibe. R-Type is fun to play, and I think you're trying to channel this, which is awesome.

If I were to give some suggestions, I'd look at changing the shape of the other moving objects. Relative to the size of the player, they're quite small! I wasn't sure if they were bullets or enemies. I bet adjusting those would help with tuning other things if you decide to as well.

Keep up the good work!

This game needs polish. To begin with, there should be better tutorials in the game. Since you can not go back and update the game due to the rules of the game jam, you can describe clearer instructions about the game in the game's comments. Also, the game lacks an objective, and this makes the game lack entertainment. When I was playing, I was moving around and I was trying to shoot bullets at the direction the bullets came to me, but I guess it did not have any effect. Next, I can not tell how this game relates to the theme for the jam, which is "Colors". The game seems to not address this theme. The graphics were somewhat poor too, but at least they were not too bad. Finally, the game could be so much more interesting if there was some good music and sound effects. 

Though the feedback above might seem harsh, I want to be clear that I am not personally criticizing you. I am just trying to give you constructive input so that you can make better games. Making a good game for a game jam is very difficult and it is already a giant feat to be able to make and finish a game in 72 hours. 

This video might help you with future game jams:

This video might help you with ways to polish your game:

Great start, this could end up being something fun.