From the Annesburg Crossing dreamcatcher head east on the trail toward Annesburg. You will see some dead trees on the right side as you reach a downard sloping right turn. Go up the hill to the right here and the dreamcatcher will be in a dead tree on the edge of the cliff.

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.