I wouldn't worry about the pseubobulb that might be rotting... these tend to absorb tissue from old growths to support the new (especially if it was kept too dry). Your plant is still in the growing phase, so should be watered heavily. Another 6-8 weeks, you should start reducing water to encourage dormancy (but you need to get those new growths plumped up first) In winter, these lose their leaves, and at that time should get no water. If it hasn't gone dormant by January, stop watering anyway. Blooming will occur on dead-looking leafless pseudobulbs in around February... don't be tempted to water.. Wait until the new growth is well established (10 cm roots) about 2 months after that for watering to resume.
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