A recent article from People explained the meaning of Miley's new Tattoo:
"It's a picture of the dream catcher that hangs over her bed with four feathers to represent her four brothers and sisters. The dream catcher is to protect them. All of Miley's tattoos have a deep meaning to her. They all represent family and friends close to her."
Miley's latest tattoo is her 5th. The other four are all pretty small, but her newest one is large and takes up a good amount of space on her side.