The flashing blue light indicates that you are down to less than 10% of storage space left on your SD Card. Check the storage capacity of your SD Card, you may require a larger capacity card if you intend to take videos. Alternatively you may have to download from the card to your PC more often, then clear your SD Card to make room for new photos/videos.
The blinking red indicates that you are taking photos in continuous mode. The camera button has 2 modes, single photo and continuous (9 photos) mode. It depends on what you have selected using the OSD (On Screen Display).
Here is a link to the user manual for an ATC Mini Camera.