Monnierara Millenium Magic ‘Witchcraft’ dilemma, can someone please help.

[JP1987]

I’m hoping someone who is more experienced growing Catasetinae orchids can give me some advice. Now most of my catasetinae are getting going, still bone dry and I won’t be watering for another month or so. I received this plant and it was potted in damp sphagnum, I potted it on and withheld water but I’m wondering if that was the right decision. There are live roots but no active root tips as far as I can see. The new growth has lost 2 lower leaves and I can’t see any promising buds on the old bulb. There is definitely a new growth point at the base of the new growth but I’m unsure if this would become active this season. My dilemma is do I water it and try to keep the current growth going or continue to withhold water in the hopes of a new growth?