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I have an open-drain IC and I need to connect it to another device, avr, which is 3.3V, additionally information leds are needed. Avr should read digital signal from that open-drain device. Avr is powered from a weak LDO (10mA), so it’s bad idea to connect leds directly to it. Input voltage is 5V.

Could I use the next schematic ? What are possible problems?

schematic

simulate this circuit – Schematic created using CircuitLab