Identification for a Dying Cedar

Identification for a Dying Cedar

Hi,
We bought a house in the Fall. We have this dying cedar tree were were planning on taking down this Spring, but before we got the chance, a robin made it home and now there's a nest in there. We have to wait for the babies to grow up and fly away.

We had some heavy rain today and when it was over, this cedar had this weird bright orange goop at certain places on the branches, namely at joints. It's rained many times since we bought this house last September but never have I seen this. It's so... weird.

Can anyone help identify what it is? Is it poisonous? Did it leech out from inside the tree? Is it just the sap? Should I consider getting the tree down now, even though there is still an active nest in it? Will the transplanted nest be ok or will the mommy robin abandon it?

Thanks for any help!

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Ident help please

Ident help please