Can anyone help me identify this blinking, moving object in the sky?

I came out on my deck about a half an hour ago to have a smoke and noticed something strange in the sky. I live in a rural area in the Midwest and the light is in the southern sky. My first thought was that it was an airplane but it has been in the same general area now for 30+ minutes. I did a Google search which resulted mostly in a bunch of UFO theories. This is what I have witnessed so far:

• It is blinking red, white, and blue very quickly, doesn't seem to be much of a pattern
• It seems to slowly move, mostly to the left and right, sometimes up and down
• A few times it has disappeared but that could be from cloud coverage
• I have to tilt my head approximately 30 degrees to see it
• It seems to have just moved a pretty large distance to the west in a short period of time

I'm am now certain it is not any aircraft as it has been in the same general area for a good period of time and is way too high. It could possibly be a satellite but wouldn't that be constantly moving one way (orbiting)? I'm not saying it's an alien spacecraft or anything, just wondering if it's some kind of star or something? I've never seen anything like it honestly.

Also, I thought about posting this in Ask Science but I wasn't sure if it was quite appropriate. If it should have been posted there I apologize I'm new to this.

Edit: I don't believe it is cloud coverage making it dim out and "disappear" because other stars around it are still visible.

Update: Since it's gradually moving west I started to look in that direction and now I see a different blinking light. This one seems to be blinking blue and white. I'm guessing this new light is just a star, it doesn't seem to be moving at all. Perhaps if the original one is an airplane it is slowly moving towards an airport and the new light is another plane holding, waiting to land? I'm starting to feel like a crazy person!