[Help] Encyclia Cordigera to be rescued!

[orchidNewB_2021]

Hey guys, I have been keeping this seedling since March. At the beginning two pseudobulbs were plumped and shinny. And there was a new growth next to the two.

I repotted them with orchid mix (tree barks, perlites and so on) in March and watered it twice every 10 days as in New York climate.

The two bulbs became wrinkled yet the new shoot keeps on growing now. Today I took the plant out and inspected the root system. It seems that the roots of the two bulbs were turning bad (brownish and soft), while new shoot has a white-colored root. See the attached photos.

So I am confused, am I watering too much or too little? If too much, how come the bulbs wrinkled? If too little, how come they got bad roots now?

Please tell me how to save it and/or repot it with a better mix. Any suggestions? Please advice. Thank you 😭