From the Scarlet Meadows dreamcatcher head north-northeast directly to the next point. It is in a tree on an upward incline with a large flat rock in the ground to the left of it.

Finding all 20 dreamcatchers will reveal the location of the Ancient Arrowhead treasure; A unique item that makes Arthur's stamina last twice as long when using the bow.

View the Dreamcatchers Guide to start collecting them in the optimal route.