A star will appear to flash or twinkle in a variety of colors the closer it gets to the horizon. The light has to travel through more atmosphere and
appears to change color. If it happens when it's directly above you, you MIGHT have something.
What the OP describes sounds kind of like how Sirius looks in the morning to me particularly when it is down near the horizon. The reason for the
changing colors is partly its proximity to the horizon as well as the fact that it is a binary system of two stars in particularly close
configuration. There is also speculation that it may be a trinary system.
OK I shouldn't say the star is twinkling red. Because the star is still white, it's that there are/were red spots over the white, not as big as the
white as to cover it though. Like take our sun and imagine looking at it, and seeing a green spot flashing in different areas of its circle. Now
imagine it being far away, that's what I saw last night.
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