It's almost certainly overwatering. Phalaenopsis hate having their roots wet all the time, and watering every 5 days is way too frequent for most spaces. That moss you mentioned retains a lot of moisture, and combined with watering that often you're creating the perfect environment for the roots to rot. When the roots rot, the plant can't absorb water or nutrients and the leaves start to turn yellow and get soft. The first thing you need to do is stop watering for now and wait for the moss to dry out properly.
Next time you water, try the finger test: stick a finger about 2 cm into the moss and if it still feels moist, don't water. It probably needs water every 7 to 10 days, or even longer. Also, check if the pot has drainage holes; if it doesn't, that's also helping the water stay inside. Orchids like this prefer to dry out a bit between waterings.
If the problem is severe and a lot of leaves are soft, you can take the plant out of the pot and check the roots. If they're brown and soft, you'd need to cut them with something clean, let them dry out a bit, and repot it in fresh, dry moss. After that, be patient with the watering. The orchid will recover, but it's going to take some time.