There are actually 5 lows and 5 highs (one high is between the two bytes sent).
You are using 8N1 as parameters, meaning 8 data bits, no parity bit and 1 stop bit.
Each byte sent starts with a start bit which is always low. Then come the 8 data bits
(decimal 85=binary 01010101) but in reverse order (LSB first) which makes 10101010.
After the last data bit there is the stop bit which is always high. After that the line is idle
until the next byte is sent and in that state it is also high. Then the next byte starts with
its start bit and so on.
So the 8N1 parameters specify that each byte has a total of 10 transmitted bits but
the last (stop) bit blends into the idle state of the line. If you were to send 85 continuously
without breaks in between then you'd see a continuous pattern on 01010101... since
the stop bit (high) would be directly followed by the next byte's start bit (low).
Note that RS232 (as opposed to TTL serial) has the signal inverted. What's high here would
be low in RS232.