Today, mobile live streaming is gaining a rapid growth in use, which refers to watching the media content recorded and broadcast in real time on mobile devices. In live streaming process, each video segment must go through recording, encoding, uploading, transcoding, publishing, downloading, decoding before playback. The ingest algorithm inside the streamer decides the upload bitrate, while the adaptive bitrate (ABR) algorithm inside the player determines the download bitrate. Thanks to the chunked CMAF standard, each segment is split into smaller chunks that can be independently encoded, transferred, decoded and played. It is of great help to quantify the impact of chunk-level characteristics on mobile live streaming performance. In this paper, we establish a tandem queuing model to describe the whole streaming system. Based on the model, we respectively characterize rebuffering probability, rebuffering count, streaming latency, and average bitrate, analyzing the impact of chunk upload and download rates, upload and download time variances, startup threshold and chunk length on them. From analysis results, we propose insights and recommendations for bitrate adaptation in mobile live streaming and design simple heuristic ingest and ABR algorithms leveraging them. Extensive simulations verify the insights as well as effectiveness of designed algorithms.