Connie is right either way...weather it be a cattleya or dendrobium i would personally use her instruction...if there are no good roots then i would leave the dead stuff to anchor the plant when you repot it ...but the orchid obviously needs water, but not to much so it sits on any part and rots it.....make sure its able to dry out before night time. This will make sure it doesnt have moisture to rot it when there is no light to evaporate it. To also prevent it from rotting i would remove the sheathing that surrounds the psuedobulb. Be gentle in doing this and dont tear it. Peel and snip. So you can see the green shriveled bulb. Dont go to low into root area and try not to damage or wound anything else. Do a quick search of terms if you dont know exactly what im talking about. But the gray sheathing i find on catts holds to much water and tends to rot it. Tho this is a critical stage its in....to much light, to much water, to much sun, to little water, not enough air movement can turn this situation fatal. I personally would choose a clay pot with some bark, about the same size pot and fill just to the level above the roots. deffinatly a little more bark then whts in the picture. Im a big fan of misting cause the plant gets its water but is allowed to dry. you can do this repeatedly as you seem fit to foliage and into bark mixture till it drips out bottom.....maybe a very weak bloom boost fertilizer would be good..bloom fertilizer is also good for root growth..if you were thinking im crazy..lol.. looks pretty bad tho...good luck..if that seems to much..then just repot it and pray...lol ..hope this helps