Little after 2am stepped outside on to the back deck to check the temperature.Pulsating, moving light caught my eye just below the treeline. I could see it through the trees.Colors changing, sometimes getting brighter. Would dim, then get very bright and flash multiple times and colors randomly, then dim for about 20-60 seconds, and start flashing again. It moved up, down, and further South, and ended up about 20 deg higher later on.Movement very "bumble bee like" in how it zig zagged up/down/left/right, then held still, then moved and hovered.Observed for about an hour.Set up telescope and through the scope it appeared very prism-like with more colors visible through the scope.As it seemed to move further up / farther away over time. As it got further away movements were less bumble bee random zagging and more hovering/smaller jerky movements. Was able to keep it in the scope.Side note:We did see two "shooting stars" from the meteor shower last night but they were in a different part of the sky and unrelated.